Even in developed countries, it’ll be hard to believe how antiquated real estate transactions are. The system for recording and transferring ownership of real property remains a system of paper-based formality and steeped bureaucracy like the bygone era.
Although we think of the land registry as the management of land and real estate ownership records, recording changes of hand and ownership happen over the years when people sell and move on or with property transfers due to inheritance. However, even in the US, a person buying real estate must determine competing interests in the property’s title history through title research that could frustrate the acquirer’s full use and enjoyment of the property. In other words, the provenance of a piece of land remains in question in perpetuity.
However, this remains a frustrating issue till today. Poor land management adversely impacts society’s long-term prosperity. Insecure land rights have long been considered a significant driver of global poverty, inequality, and political instability.
While maintaining registries may seem to be a straightforward task, in reality, it comes with a whole myriad of challenges:
- Storage security
- Labor intensive
- Human error
- Wear and tear of documents
- Trust in the administration
Now imagine a system where each piece of real property is essentially “tattooed” with its record. Something that is incorruptible, with a digital signature that stores the title history associated and provenance with that property.
Enter 5ire and its 5th generation blockchain technology, 5ireChain. Through 5ireChain, property owners can request title assets representing their real-world asset ownership. Each token is a digital twin of a traditional title deed, including similar data regarding ownership, etc.
How Will It Work?
Property owners log in via a secure 5ireChain asset digital account to verify their identity. This verification process prompts the government registry to transfer the title details to the user’s appointed wallet through a smart contract.
Investors logged in to the 5ireChain assets digital account can:
- manage their property portfolios
- view property pricing
- access government-sourced asset data
- engage in asset trading
Regulators have access to view high-level data, including real-time pricing and capitalization, as well as all ongoing on-chain activities, including when trades and transfers take place.
What is more appealing is that along with eliminating the need for title searches, paper-shuffling, and the additional potential for human error, a 5ireChain system could further streamline the recording process for real estate by eliminating intermediaries, such as government offices that record such transfers and title insurance companies that charge to ensure the property’s provenance — added to that we can also have authoritative, cryptographically secure records that stand on their own.
This solution allows for the digitization of all interests in real property. It also provides for the tokenization of both the real property and its rights that could be traded and stored away from the physical and forever ensure that right of the interested parties in the physical asset.
More information about 5ireChain can be found by clicking on the following links:
White paper: https://bit.ly/5ireWP
LinkedIn : https://www.linkedin.com/company/5ireChain
Twitter : https://twitter.com/5irechain
Discord : https://discord.gg/GAWXJKnZQH
Telegram : https://t.me/OfficialFireChain