Inery not only tips the scale on how data is handled, but also sets the groundwork for sectors like the land and real estate to thrive; through decentralizing and automating operations like land registration, self-sovereignty in land transactions, and tokenizing land, among other activities.
Land and Real Estate Authorities and their Challenges
The land and real estate market, as the largest asset class worldwide, is an essential metric of a country’s economic strength. This can be seen in how the US housing crisis triggered the infamous 2008 global financial crisis. While this should have served as a lesson to other countries worldwide to find solutions to weather the risk factors, it seems they picked nothing from it. The land and real estate sector is still plagued by poor land management.
Land title fraud is an apparent problem worldwide that jeopardizes a society’s long-term economic and social prosperity. The sector is also plagued with issues like inefficiencies, non-transparency, corruption, trust concerns, and high costs; which are often propelled by intermediaries and brokers, poor title management, illiquidity, manual documentation, inaccessibility, etc.
To avoid a potential repeat of the 2008 global economic catastrophe, the land authorities need to improve transparency, adopt derivative trading on secondary markets, boost favorable property investment schemes, eradicate bad sales, and eradicate bad sales, while addressing other inefficiencies and flaws in the sector. Fortunately, integrating with blockchain technology easily addresses these setbacks while introducing a new economy and growth opportunities in the sector.
Solutions Inery Brings
Inery’s core strengths can be utilized to improve transparency and asset management and enable consumer protection rights, which are abused by brokers and other intermediaries, and regulatory compliance in the real estate sector. Thus, it can help the land and real estate departments in several ways.
Digitization and Modernization of Land Registration
Inery enables land authorities to keep timestamped land records that contain land ownership details and history of change of hands through inheritance, buying, selling, etc. This brings more transparency, integrity, and accountability to the land registration process. Consequently, Inery gives land registry records an extra layer of trust by digitizing, automating, and decentralizing the registration process, which overcomes the chances of human error, forgery, and document wear and tear. Its immutability capacity also boosts the land registration process security and traceability since the records are tamper-proof.
Inery’s smart value contracts can play a critical role as validation or legal proof of ownership, with all the property’s history being recorded on-chain without a possibility of tampering. Tokenizing properties achieves several things– it improves transparency and makes real estate investment accessible and more liquid. It also builds more trust with buyers that they are purchasing an original and not a duplicate and proves that the sellers are the rightful owners of the property.
The value contracts automatically update the record, making the land titling process instant. Inery also allows parcels to be turned into digital assets by holding the data of each physical property and its owner as NFTs in a digital map form that is interactive. The data is accessible via Inery’s RPC protocols, integrable with all platforms.
Decentralizing Data Management
IneryDB, Inery’s decentralized data system, can be leveraged to create permanent, unbreakable ownership records and improve efficiency in database management.
Land and real estate authorities can trace transactions and verify the accuracy of land records without needing intermediaries, which cuts overhead costs. As such, Inery provides the land departments with tools to create, search, update, and add data, and a permissioned layer to manage data, including title management.
P2P Relationships– Payments and Leasing
Inery facilitates leases to be signed, verified, and paid for, and the transaction is transcribed on the blockchain for immutability and verifiability. This eliminates manual reconciliation and automates dividend and rental payments to property owners. The value contracts can also be used to incentivize tenants, service providers, and landlords.
Secure and Self-Sovereign Land Transactions
Data sent to the Inery network is encrypted using cryptographic hash functions and spread across the multiple participating nodes in the network. This makes the data only accessible to the stakeholders with the corresponding private keys, ruling out any chances of breaches. Users can create value contracts to predefine permissions for their land records so that they have complete control over access.
Inclusion in Land Processes
IneryDB offers users a user-friendly interface, Inery’s native data management dashboard, to communicate with the blockchain at a layman level, allowing them to be involved in making land deals. Thus, small landowners can participate in land tenure verification and transfer processes without needing intermediaries or jeopardizing the integrity of landowners and land authorities.
Decentralization, Encryption, Smooth Operations - Inery
Unlike legacy infrastructures that store data in a single central location, Inery spreads data across multiple participating nodes and replicates changes made to all the servers to achieve consistency and redundancy. This enables real estate authorities to continue operating smoothly even when one node is compromised.
Inery offers the land and real estate sector more opportunities to scale while protecting the users from issues like land title fraud, human error, corruption, overhead costs, etc. It grants users access to secondary market opportunities and data accessibility and transparency in the land processes.
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