MICRONATIONS — A CASE FOR A BLOCKCHAIN-POWERED PROPERTY RECORDING SYSTEM
“The secret of happiness is freedom. The secret of freedom is courage.” — Thucydides, 460 BC
Humans have always wanted to be free. However, founding a sovereign nation based on the human desire for freedom hasn’t always been an easy task, and has often required bloody revolt and war. But in the modern era, this is no longer the case. Through innovative technologies such as the Blockchain, the most critical functions of government — creating a registry of property, contracts, and means for peaceful resolution of dispute — can be created, replicated, and scaled up to serve the function of a modern, voluntary state. Now for the first time in history, a new corruption-free title system can be created for the purpose of voluntary recording of real property ownership and title transfers. The blockchain-powered property registration system has the power to mitigate fraud while creating overall reduction in manual entry error. More than that, it creates an open and transparent system allowing citizens of micronations (i.e. Entropy, Liberland, Pontinha, etc.) to search and record on a decentralized system containing public record data.
Industry Facts and Problems:
- According to the American Title Association¹ 30% of property titles are found to be defective at a time of a real estate transaction. The annual cost to cure these errors is an estimated $2-$4 Billion in unnecessary expenses. In emerging markets, traditional land registration systems carry large transaction and financing cost burdens.²
- Defective claims are a consequence of manual paper recording wherein deeds, mortgages, leases, easements, court orders, and encumbrances associated with a property are recorded in a “chain of title”, exposing the integrity of the record system to human error within centralized record systems.
- Security weaknesses continue to exist and they are growing significantly. Not only is there simply more information siloed in databases, but the possibility for human error has increased.
“A better way On the Blockchain…”
With a verified blockchain record you can assess this information with confidence. The relevant information from each transaction is permanently recorded to the blockchain which builds an ongoing authentic permanent record of ownership. A digital deed is created to represent the asset on the blockchain like a paper deed/title is created and recorded at the courthouse.
- As decentralized digital identity systems become more widely used, cryptographic signatures of verified users and relevant parties (insurance / mortgage companies and respective lawyers) allow for transfers of ownership of digital assets to be as straightforward as bitcoin transactions.
Author: Nathan Wosnack, Founder & President | Ubitquity LLC.
Ubitquity LLC offers a simple user experience for securely recording, tracking, and transferring deeds with our Software as a Service platform. We are the leading blockchain property recording company in the world. Learn more at: www.ubitquity.io. E-mail us: email@example.com. Call us at: +1 (331) BITCØIN.
¹ ² Goldman Sachs Profiles in Innovation: Blockchain. Putting Theory into Practice | 2016