New Blockchain Land Titling Standard

Gerard July 20, 2024
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Why do we need a Blockchain Land Titling Standard?

 

Mortgage & Titling Failures

Major mortgage and land-titling frauds have exposed critical weaknesses in the real estate sector. Noteworthy incidents include:

  • Bernie Madoff’s Ponzi Scheme: This infamous fraud involved deceptive property transactions.
  • Adelphia Communications Scandal: Here, falsified property titles were used to conceal massive debts.
  • Cook County, Illinois: The area experienced rampant document forgery to fraudulently transfer property titles.
  • India’s Ongoing Scams: The lack of a trusted registry has led to forged deeds and illegal sales.
  • UK Identity Thefts: These thefts have facilitated unauthorized property sales and mortgages.

These cases underscore the urgent need for secure, transparent titling systems, such as those offered by blockchain technology.

Blockchain: A Game Changer for Real Estate

Blockchain technology is revolutionizing real estate titling by providing an immutable, transparent ledger that enhances trust and security, reduces fraud, and streamlines processes through automation and smart contracts. This technology offers improved access and reliability, minimizes errors, and ensures accurate, auditable records. Additionally, blockchain can standardize and facilitate international transactions, making the real estate industry more efficient and inclusive.

Blockchain Maturity Model (BMM)

The Blockchain Maturity Model (BMM) is a vital framework designed to help solution developers establish and maintain trusted blockchain solutions. It also allows investors, clients, and donors to conduct effective due diligence when evaluating these solutions.

Land Titling Supplement

Exciting news: The GBA Land Titling Working Group has just released the first draft of the BMM Land Titling Supplement for review and comment. This supplement includes the specific requirements related to land titling and is available for free download on the BMM Documents page. Your feedback is invaluable—please share your comments at the bottom of the same page.

Categories: Gerard_Dache, Land Titling, Standards & Certifications
Gerard
Gerard has over 30 years of government, military, process improvement and quality assurance experience. He has traveled all around the world training, evaluating and assessing organizations for technical and management capabilities. He currently leads a global organization of government and industry blockchain professionals.

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