A small town in the state of Virginia in the United States has decided to adopt blockchain for land registry. The technology enables the management of property information on site and already has data on 500 properties registered.
Wise County has decided to innovate in real estate and land registry. Instead of physical notary appointments, the city is using blockchain technology to store property information.
As a result, the access to land and real estate information happens more quickly. The system adopted in the County stores property history for up to 40 years.
Blockchain for real estate registry
The registration takes place through software developed by the company Bloqable. Before the implementation of the technology, property registry was only done on paper.
The software is hosted on Amazon’s cloud service, known as AWS. Divided into three parts, the system works initially by collecting information about the property in registry offices.
In this step, the data is manually searched in notary offices by the team responsible for the project. Then, the next step is to insert this information into the software database created from blockchain technology.
The system, hosted in the cloud, is accessed by collaborators who can fill in a brief history about each property integrated into the platform. Soon after the data is entered, the information is checked and validated before the registration is finalized.
Therefore, this information cannot be changed immediately after it is entered into the database. On the other hand, the software allows new information to be entered without erasing the data history.
Thus, with only 40,000 inhabitants, the small town is pioneering work regarding the use of blockchain technology for land and real estate registry. Currently in the testing phase, the project should be launched by the end of 2022 or 2023.