Many industries has ventured into blockchain technology due to its positive impact. One of this industries is the real estate which is one of the worlds largest asset.
Real estate has been the investment choice of the rich. It is a very important asset which is impacted by global monetary conditions, and investment activity. It has the power to affect the national and international economies positively and negatively. Real Estate plays a vital role in the global economy.
In as much as real estate affects the global economy, they are some issues affecting the real estate industry due it's traditional legacy.
LAND REGISTRY BLOCKCHAIN
Land registry involves a lot of intermediaries to put trust in when dealing with land. The traditional legacy is outed and difficult to use because you have to track owner of properties due to challenge of thousands of land records to take care of.
The nature of blockchain can make things easy when tracing how properties change hands because of its traceable, auditable and immutable characters of blockchain. These characters are making the government get interested in implementing the decentralized technology in land registry process.
The Challenges Facing Traditional Land Registry process;
1.) Time delay
2.) Middlemen and brokers are involved
3.) The rate of fraud
4.) Man intervention/error.
Objectives Of Blockchain Land Registry
1.) Reducing fraud
2.) Accelerating the process
3.) Enhancing transparency
4.) Fast implementation
Chromaway is set to make this objective possible. They set to build a solution on in- house blockchain protocol postchain and programming language rell.
Chromaway is trying to but into use the objective blockchain land registry and create solutions for the different countries unlike other blockchain. They are focused on societies where secure land registration systems can have positive impact and economic impact.
Chromaway is already working with IADB in tracking land registries and titles, and set to make it easy and possible for land owners wnd governments.
IADB picked ChromaWay because of its track record and novel technology. Unlike other public chains, it combined the relational data structure instead of key value store with blockchains which makes it easier for them to integrate the platform to their already existing systems, which non blockchain platform offers.
For more information on Chromia, kindly visit;
Official website: https://chromia.com
White paper: https://chromia.com/chromia-platform-white-paper-2019.pdf
Programming dApps: http://rell.chromia.com/en/master/
Twitter: https://twitter.com/chromia
Telegram: https://t.me/hellochromia
Reddit: https://www.reddit.com/r/teamchromia
Facebook: https://www.facebook.com/teamchromi
