LandLedger: Land Title & Dispute Management Using Blockchain
1Bangabandhu Sheikh Mujibur Rahman Digital University, Bangladesh
2Bangladesh University of Engineering Technology, Bangladesh
3Dhaka University, Bangladesh
A Paper Submitted in Partial Fulfilment of the Requirements for IBCOL 2023
Sustainable Development Goals
Keywords
Abstract
Global land ownership systems could undergo a revolution because to blockchain technology. It can aid in the development of land title management and recording systems that are more safe, open, and effective. This is especially crucial in developing nations because land ownership documents are sometimes erroneous or inadequate there.
Bangladesh is an excellent illustration of a nation where land ownership might be significantly impacted by blockchain technology. The nation's economy is expanding along with its population, but its land ownership structure is unreliable and corruptible. It is therefore challenging for many people with modest incomes to own land. One potential solution to these issues is a land ownership system based on blockchain technology. Blockchain is a transparent, safe distributed impenetrable ledger system. It is therefore perfect for keeping and organizing land title documents.
Additionally, land transfers can be made faster and less expensive with the use of blockchain. At the moment, land transfers in Bangladesh might cost $1,500 and take up to 120 days. The time and expense involved might be greatly decreased with a blockchain-based approach. In Bangladesh, a blockchain-based land ownership system should be implemented using a phased adoption strategy. This architecture would progressively expand to two layers of a hybrid blockchain from a public blockchain ledger. This would make it easier to scale up and implement the system.
Some advantages of adopting blockchain technology for land ownership include Safety, transparency, efficiency, and many more. All things considered, blockchain has the power to completely transform land ownership structures everywhere. It can aid in the creation of more transparent, safe, and effective procedures for managing and registering land titles. This is especially crucial in developing nations because land ownership documents are sometimes erroneous or inadequate there.