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The client is a statutory board set up by the Government of a South Asian nation to optimize land usage for economic and social development. They play a regulatory role as the national land registration authority, managing land sales, leases, and allocations.
Blockchain is making waves in the real estate sector with the level of transparency it provides. The technology is being increasingly considered for use in land registration with its ability to immutably record and share information.
The immutable, decentralized nature of the blockchain network renders data transparent for any untrusted party to verify. With self-executable smart contracts, trust is enhanced between parties and outcomes are validated by everyone in the network. Traditional land transaction records can now be replaced by a distributed ledger protected by cryptography and consensus technology.
The client explored the possibility of a blockchain solution for land registry that offered inherent benefits to meet their requirements.
By making real estate transactions searchable, several issues surrounding legal ownership of a property could be remedied.
QBurst embarked on the Ethereum blockchain programing journey using Solidity framework to code smart contracts, which ensure necessary approvals are obtained from government authorities. We developed a ReactJS-based web application with a blockchain explorer for users to view transactions within the application. We also relayed transactions on the public Ethereum blockchain network (Etherscan) so that anyone can verify and validate records.
A custom application was developed to manage customer identities. This enabled interaction with the Ethereum network using email addresses or usernames. The application acts like a wallet for users, enabling them to sign blockchain transactions.
The solution creates an immutable history of transactional records that are permanently linked to the system. Near real-time traceability and transparency are achieved as each transaction is captured and recorded at every stage of the process.