2020/01/03 by Oleksii Konashevych, Konashevych, Oleksii
Business, Management and Accounting · Computer Science · #Blockchain Technology Applications and Security #Computers and Society (cs.CY) #FOS: Computer and information sciences #FinTech, Crowdfunding, Digital Finance
paper · pdf · doi:10.48550/arxiv.2001.09745
openalex publication_date 2020/01/03 · openalex created_date 2022/07/26 · openalex updated_date 2026/07/28
Many recent social media posts and news may create a perception of big\nsuccess in the use of blockchain for the real estate industry, land\nregistration and protection of titles and property rights. A sobering outlook\nis crucial because misleading concepts may bury the whole idea of blockchain\nuse. The paper aims to research the possibilities of blockchain and other\ndistributed ledger technologies (DLT) and applicability of these technologies\nfor different purposes in real estate, property rights and public registries.\nBlockchain, which is distinguished from permissioned systems as the technology\nof the immutable ledger that does not require authorities, is a new word in\ngovernance. However, this technology has some principal features that can\nrestrain its implementation at the state level, and thus require further\nresearch and development. The application of blockchain requires a proper\narchitecture of overlaid technologies to support changes of outdated and\nmistaken data, address issues of digital identity and privacy, legal compliance\nand enforceability of smart contracts and scalability of the ledger. This paper\nshows the constraints of the technology's properties which were not explained\nbefore in the context of title rights and land registration even though\ntechnological limits are known in more specific technical sources. Along with\nthe known benefits this meant to help to avoid misinterpretation of some DLT\nfeatures by non-technical people. A multidisciplinary approach in analysing the\ntechnology and laws helped to better understand what can and cannot be\nbeneficial for public registries and the protection of property rights. The\npresented outcomes can be laid down as requirements for the technical protocols\naimed at addressing the issues of DLT and public policies to put blockchain at\nthe service of society.\n