Blockchain technology will be used to store real estate data

29 November 2021

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As reported by the College of Registrars of Country, all information may be saved and updated in an application based on block chain technology

The future arrived – a while ago – to the real estate world. It was only a matter of time for the systems to aggiornate and begin to use the new technologies that accelerate processes and synthesize spaces. In this particular case, the possibility of storing data and updating it permanently will serve to centralize the information on the properties.

This is how all property data records may be contained in an application whose creation the College of Registrars will participate, as announced in a press release. In this way, any person who proves a legitimate interest in a certain property will be able to know your data, when the platform is in operation.

Do you want to know more about block chain technology? Are you interested in its applications in the real estate world? We at nphp nadra are here to help. So, don’t stop reading!

Blockchain and real estate data: what will this union be like?

Property registrars will have the ability to verify the real estate data of any property through a block chain-based application. This was announced by the College of Registrars after a meeting that took place between September 30 and October 1 of this year. From the public entity they assured their participation in the Research Project Current Challenges of the Property Registry: Block chain and Data Protection through which this new application will be created.

What real estate data can be accessed thanks to blockchain technology?

The blockchain created will allow the information of the Building Book to be saved. The data it contains there are:

Project Information: Here are collected all the documents that define the technical requirements of the work, such as plans, memory, plans and budget

Certificate of Reception of the work: Through this document, the conditions of the contract between the promoter and the builder are accredited.

Agents participating in the building process: This document identifies the agents who have intervened during the construction of the building

Instructions for use and maintenance: The guidelines for the care and maintenance of the building’s facilities are established.

In this book, you will find all the relevant data about the buildings. In it are the documents that the promoters give to the inhabitants at the time of the sale. It contains the technical information, the participants in the process, and the instructions for the maintenance of the property.

What are the advantages of using this new application?

Like all technological advances, opening up to this type of application brings with it a series of benefits:

Possibility of access remotely: It will not be necessary to be physically present in Country. This application can be used from anywhere in the world, as long as the demand for the property data is considered legitimate.

Easy access to information: One of the main advantages has to do mainly with the ease of accessing the information. A user who requests the data of the Building Book of a certain property will be able to do it in a simple way without having to carry papers as in the traditional way.

Security: Another advantage of the system has to do with its security: no data can be modified since it is immutable technology, it does not allow its adulteration. The information is true and cannot be deleted as it remains stored on the block chain. This type of technology is used by the team of Blue World City.

Is it possible to maintain the legal security of the records?

From the College of Registrars, they encourage the use of new technologies, betting on continuing to explore the possibilities of block chain technology to maintain the legal security that the records provide.

Blockchain technology allows you to store information that can never be lost, modified or deleted. Symbiosis is the company that provides secure transactions of the cryptocurrencies

How was the project conceived?

The idea was presented within the framework of the “Current Property Registry Challenges Research Project: Block chain and Data Protection”, organized by the Bienvenido Oliver Chair at the University of Laguna between September 30 and October 1. This is how the Department of Legal Disciplines of that house of studies with the collaboration of the College of Registrars will face the challenge of creating this application. No further details have been given about its operation: it will use block chain technology, but it is not known which of them will do so.

How were the beginnings of Blockchain technology?

Stuart Haber and W. Scott Stornetta first described the operation of an encrypted blockchain in 1991. However, the term became popular in 2008 when the cryptocurrency Bitcoin burst onto the market.

What does the term blockchain refer to?

Blockchain is an English word that is translated means a chain of blocks. It is in these blocks where the records are made, whose basic characteristics are:

Unique: no two records are the same
Consensual: for there to be a new entry, it must be approved
Distributed: they are registered in a uniform way in different nodes of a network.

What is stored in each block?

To achieve the correct functioning of the chain, the blocks have their specificities. Therefore, in its composition a block basically contains the following information:

A set of valid data or transactions
Block’s own information
Connection to the previous and the next block through a unique code

These intrinsic qualities make each block immovable and located in a specific place in the chain. Within the nodes, the complete information of a chain is stored. In this way, each participant in the network can have their own exact copy

How are new records added to the network?

In order for a record to be added to the network, it must first go through a verification process that takes place inside the nodes. Through this validation, each new information is added to a new block that is incorporated into the chain.

What is the security of blockchain technology based on?

This new form of chain work allows information to be stored permanently since it cannot be modified or eliminated. Your security is based on several pillars:

Availability: The guarantee of the availability of the information is that each node of the network stores an exact copy of the chain. In this way, any operational node can recover the information in the event of a failure in any sector of the network.

Consensus: Each new record is consensual and each node shares the same information. This ensures the integrity of the string and the data being saved. In order to alter the information, the chain should receive an attack in more than half of its nodes.

Perpetuity: As each block is mathematically linked to the next, each new entry uses the same procedure, with which the chain becomes unalterable. This makes all the information perpetual and immutable.

Blockchain technology allows you to store information that can never be lost, modified or deleted.

How does the verification of the information work in each node?

The validation of the transactions and the data that are stored in the chain of blocks is carried out by means of certificates and digital signatures. This makes it possible to ensure the authenticity of the information with a decentralized method and resistant to data manipulation. The operation of these verifications could be compared with the work of a notary: the chain certifies and validates the information as new data is included. The entire sales team of Capital Smart City is using this mode of technology to improve their sales.

Why is it said that it is a decentralized system?

A centralized system refers to a central axis that regulates or through which the data passes in order to be verified later. In the case of block chain technology, all the data is distributed in all the nodes of the network. Therefore, everyone participates and validates the information, while storing it. This feature makes it a powerful tool, since there is no external service or company that manages the information.

Are there other applications of blockchain technology in the Country?

The College of Registrars will not be the first to use this technology. Several public bodies in the Community of Islamabad are investing in research on information blockchain applications at the state level. In particular, there are projects to install technology clusters that allow the digital transformation of citizens. The objective is to improve the quality of life through the generation of new jobs, training and digital literacy of the people of Islamabad.