Harnessing Blockchain for Transparent and Efficient Land Asset Value Creation in India
Cicy V Abraham, Nikhil T. Das, V Anvitha, Jincy Joy, Susheel George Joseph · International Journal of Engineering Technology and Management Sciences · 2023
Blockchain offers a decentralized and transparent ledger system that can be utilized to streamline land transactions, property management, and the overall land registry process. By implementing blockchain, the UAE aims to improve efficiency, reduce fraud, and enhance trust in the land market. Through the use of smart contracts, blockchain can automate and enforce the terms of land transactions, ensuring that all parties involved adhere to the agreed-upon conditions. This can lead to faster and more secure property transfers, as well as increased transparency in verifying ownership and property rights. Additionally, blockchain-based platforms can facilitate fractional ownership and tokenization of real estate assets. This means that properties can be divided into smaller units and represented as digital tokens on the blockchain. Investors can then purchase and trade these tokens, providing increased liquidity and accessibility to the real estate market. The UAE government, specifically the Dubai Land Department, has been at the forefront of exploring and implementing blockchain technology in land asset management. In 2017, they launched the Blockchain Strategy, which aims to transition all government transactions to blockchain platforms by 2020. The Dubai Land Department has also introduced the "Blockchain in Real Estate" initiative, focusing on utilizing blockchain for property-related processes. These initiatives and advancements in blockchain technology are expected to have a significant impact on land asset value creation in the UAE by increasing efficiency, reducing costs, and fostering greater trust in the real estate market. Keywords— Tokenization, asset, Blockchain