Blockchain, Real Estate, and the Advancement of Human Rights

Real Estate is defined as the process of building, renting, buying, and selling commercial and residential properties.[1] In 2021, the global real estate market was valued at USD 3.69 trillion, and it is projected to grow at a compound annual growth rate of 5.2% from 2022 to 2030.[2] Property rights to real estate give a title of ownership to the land and permits improvements to the property. These rights refer broadly to rights to control, use, and transfer a parcel of land.[3] Secure property rights and efficient land registration are the cornerstones of modern economies globally.[4] Unfortunately, the World Bank estimates that fewer than 30% of the global population has legally registered rights to their land and homes.[5]

The concept that a right to property should endure despite a nation’s laws was revitalized in the wake of World War II as part of the modern human rights movement. [6] The acme of this movement was the Universal Declaration of Human Rights; however, this declaration only set forth aspirations, not legally enforceable duties.[7] Article 17 of the Universal Declaration of Human Rights acknowledged the right to property as merely a moral right.[8] Article 17 reads “everyone has the right to own property alone as well as in association with others. No one shall be arbitrarily deprived of his property.”[9]

Land rights are a key human right and constitute the basis for access to economic security. In many countries, rights to land are stratified and based on hierarchical and segregated systems.[10] Furthermore, in some countries, land registration is rife with corruption and fraud, which has contributed to disparate land rights. In countries, including Ghana, Honduras, and The Republic of Georgia, systems of land registry are unreliable and prone to corruption and manipulation, leaving many individuals vulnerable to unlawful land seizures and poverty-stricken livelihoods.[11] Despite many initiatives to recognize rights to land as a fundamental human right, land rights have continued to remain absent from the human rights lexicon. The World Bank and many other international organizations have emphasized the need for clear property rights, including land rights.[12] Blockchain technology, has been proposed as a possible solution to counter corruption, record land governance, and document real estate titles in the hopes of advancing human’s land rights.[13] Proof of land ownership is a valuable tool in the protection of an individual’s livelihood.[14]

What is Blockchain?

The blockchain is a peer-to-peer digital ledger of transactions that is distributed across a network of computer systems.[15] On the blockchain, transactions are pseudo-anonymous; each transaction can be traced back to a unique set of keys. The blockchain stores information and data in “blocks” that are linked or “chained” together in order. [16] When a transaction is made, miners add blocks of information to the blockchain; the blocks are secure and immutable to hackers. The decentralized database managed by multiple participants, known as nodes, is referred to as Distributed Ledger Technology (DLT).[17] A history of all transactions in a block is stored across all nodes on the secure network.[18] Nodes are incentivized with digital tokens to add new blocks to the blockchain.[19]

The creation and validation of new blocks is made by consensus in a process known as Proof- of- work.[20] In this process, the majority of nodes must agree that the transaction is valid. When a transaction is made, that information is sent out to all users with a copy of the given blockchain. These users, known as miners, then try to solve a complex mathematical cryptographic puzzle, using their software or hardware, which allows them to add a block to the ledger.[21] Each miner is in a competition to solve the cryptographic puzzle before the others; the miner that solves the puzzle first gets a reward, in addition to getting paid a transaction fee or gas fee. If the majority of miners all submit the same transaction data, then consensus occurs.[22]

In a Proof-of-stake model, users stake a network’s cryptocurrency or token and become validators, verifying transactions, and ensuring the security of the network.[23] The Proof-of-stake model replaces miners and electricity in a Proof-of-work protocol with validators and staking.[24] The validators stake or commit a certain quantity of the network’s cryptocurrency or token, instead of using physical energy or hash power to confirm blocks. Rather than nodes competing to win the block by using large amounts of power, consensus is reached via an algorithm that selects a node to win a block of transactions.[25] If the validator is chosen, then the validator will propose and attest to blocks on the blockchain to earn rewards.[26]

A private blockchain, also known as a permissioned blockchain, has a single entity that restricts who can access the network and add information to the blockchain.[27] The restricted access attribute of a private blockchain is attractive to enterprises that wish to keep some or all of its transaction data private. Furthermore, a private blockchain requires its protocol users to be verified to join and participate in the network, which results in a more trusted system.[28] A public blockchain, in contrast, is decentralized and permissionless; it is not controlled by a single organization or individual.[29] In a public blockchain, users can remain anonymous, and all transactions are recorded and cannot be tampered with.[30] Although the network is highly secure in a public blockchain, the low throughput and the excessive electricity consumption by miners on the network are unfavorable attributes.[31]

Blockchains are a technology that orders transactions in a distributed ledger and maintains a record of consensus with a cryptographic audit trail that is validated by ample nodes.[32] Blockchain permits myriad distrusted parties to come together on a common protocol that can track assets in a dynamic manner.[33] Blockchain’s core technologies include Distributed Ledger Technology (DLT) and Smart Contracts.[34] Decentralized Ledger Technology includes a decentralized database where transactions are stored, shared, replicated, synchronized, and distributed via cryptography. The nodes in a distributed ledger do not trust the other nodes and, thus, must independently verify transactions before applying these transactions.[35] Smart contracts are a set of promises drafted in computer code that are self-executed by an algorithm.[36] Smart contracts do not operate on sheer predictions and are irrevocable or at least extortionately pricey to revoke.[37]

Blockchain Attributes

The key attributes of many blockchains include its resilience, integrity, transparency, and unchangeability.[38] Blockchains can be described as resilient since they operate as decentralized networks with no single point of failure.[39] Transactions on the blockchain cannot be manipulated and the data is stored at multiple systems using encryption methods, which stops the data from being altered without authentication.[40] Blockchains operate using distributed open-source protocols, which removes the reliance on a third-party sources and eliminates the need to trust a third party for execution of the transaction. The authenticity of a transaction is verified based on whether it has a valid connection to other nodes within the network.[41] The originality of the data is preserved since the data cannot be easily accessed by unauthorized users and since consensus mechanisms ensure that changes to the information are made only when all the nodes agree.[42] Data verification at multiple nodes and immutable recordkeeping ensures increased trust throughout the system.[43] The cryptographic and chronological linkages of transactions that are embedded in the blockchain secure the network and its transactions to ensure data integrity and privacy.[44] Furthermore, public blockchains are transparent, since all changes can be seen by the network’s participants. The blockchain integrates all of the network’s participants; transactions are known to the participants and participants can monitor transactions recorded on the blockchain.[45] Finally, the records stored in a distributed public blockchain are chiefly immutable, which increases participants’ confidence in the records within the blockchain technology.[46]

Land Title Administration

Land administration includes the process of determining, recording, and distributing information about the relationship between individuals and land.[47] The relationship between individuals and land requires transparency, which allows for land tenure security and status.[48] The land registry process is one of the most crucial facets of any government, and a dependable land management and title system is essential for a nation’s economic development and governance.[49] The traditional land registry model, in both developed and developing regions, lacks various vital requirements and is hindered by malpractice and security concerns.[50]

Land title registries track the ownership of land and property in a region.[51] Registration titling systems impact the livelihood of citizens and have led to increased access to formal credit, increased land values, and increased incomes.[52] Unfortunately, many titling systems in developing nations have continued to be far from efficient and effective. The registration systems function as a bottleneck for land transactions and many of the inefficiencies in land titling processes have continued to be a major source of corruption. For instance, in 2019, The Organized Crime and Corruption Reporting Project found that obtaining a license as a deed writer incurs a bribe to the highest-level administrators in Bangladesh.[53] Like seen in Bangladesh, in many developing nations, unaffordability and weak property rights have led to tenure insecurity.[54] In these nations, it has been incredibly difficult for individuals to attain property rights; corrupt governments, along with the lack of services to provide landowners with official paperwork, have posed a significant challenge to obtain land title rights.[55] This corruption, however, has not been limited to developing countries, and it can be found in many developed regions too. In 2019, anti-corruption NGO, Global Witness, found that over £100 billion worth of property in England and Wales was covertly owned by anonymous entitles registered in tax havens.[56]

Blockchain and Real Estate

The World Bank states that almost 70% of the world’s population does not have access to land registration systems that give landowners clear title to their property, with females among the most disproportionately affected.[57] Despite being critically publicized for its use in the Bitcoin revolution, blockchain is a disruptive technology that can be leveraged in the management and administration of land rights to help fight corruption and improve human rights.[58]

Real estate on the blockchain is deployed via tokenization and the use of Smart contracts. Many governments, for profit organizations, and non-profit organizations, among others, have started to tokenize real estate and utilize Smart contracts to recognize real estate title and transactions. The tokenization of real estate consists of the process of fragmenting an asset into digital tokens that represents the underlying property with its rights and obligations attached.[59] In other words, tokenization refers to the conversion of real estate value into a token stored on a blockchain, which enables digital ownership and transfer capabilities.[60] The process of executing transactions immutably using tokenized real estate is accomplished via the use of Smart contracts.[61] The Smart contract encodes the legal contract of the real estate transaction and terms of conditions, and it runs automatically within a blockchain without the need for an intermediary to physically verify, approve, or record the right in the registry.[62] When parties to a transaction meet all the conditions and requirements defined by the pre-programmed contract, the Smart contract is executed automatically.[63]

Blockchain technology or the Distributed Ledger Technology underlying the blockchain is predicted to revolutionize land registration and management by offering a secure architecture to preserve and store real estate transactions with the deployment of a cryptographic protocol.[64] Blockchain technology is being explored as a proof of concept in several developing countries to track land titles and land rights.[65] Although the technology is not a panacea to real estate administration difficulties, it offers an effectual means to manage real estate transactions, offer digital documentation of land tenure to individuals in informal markets, and ameliorate inefficiencies in land procedures.[66]

In 2007, UN Habitat observed that land offices in most countries are among the most corrupt institutions.[67] Land administration across the world, especially in developing regions, is suffering due to a lack of transparency. The lack of transparency results in land tenure insecurity, increased land grabbing by corrupt governments, increased land conflicts, and inequality in land distribution, among many other sufferings.[68] Keeping an apprised and accurate registry is a challenge for developing nations; many regions do not even have a registry and the regions that do have property record registries are often vulnerable to inconsistencies, tampering, and loss.[69] The features of blockchain are a promising and appealing solution for land registries in developing nations.

Attributes of Blockchain in Real Estate in Developing Countries

There are several qualities of blockchain that make the technology an effective tool for the formalization and cryptographic authentication of land rights.[70] Some qualities of blockchain applicable to real estate and title administration include the following: transparency, immutability, and digitalization.

Transparency

Blockchain increases transparency through traceability, which gives individuals access to evidence that can aid them defend claims to their title.[71] Transparency permits land tenure security, which enables current and prospective landowners to know the status, rights, and interests of their real estate.[72] Transparency enhances individual’s confidence to invest in real estate and minimizes governmental corruption.[73] Blockchain enhances transparency in land administration processes and systems through the integration of all stakeholders and community members; all individuals have access to timestamped transactions of land title recorded on the blockchain.[74] Blockchain encourages the facilitation and functioning of land markets in developing countries and diminishes the threat of losing land rights for vulnerable communities.[75]

Immutability

Blockchain’s immutability is an attribute that ensures that assets registered on the blockchain are secure.[76] The integrity of the blockchain system ensures through cryptography that any attempt to alter the recorded information is detected easily.[77] The infrastructure of blockchain prevents fraudulent activity and provides for the strict ownership protection of land title registered on the chain.[78] Fraudulent individuals or corrupt government officials cannot change legal documents deployed on the blockchain; the falsification by any node or group of nodes is incredibly challenging or impossible, depending on the type of blockchain used in the project.[79]

Digitalization

For developing countries, the concept of going from paper records and management to digital records and management is essential to keep pace in an emerging global digital economy and reach targets of the Sustainable Development Goals.[80] Furthermore, in some developing countries, a paper trail does not even exist, and these regions are forced to rely on the meager data available to resolve land disputes.[81] As a consequence, these disputes overwhelm the administrative functions and bodies of these regions.[82] The digitization of land title on the blockchain, however, is enabling the confirmation of property rights and resulting in the decreased quantity of land dispute cases handled by the judiciary, should there be one in the particular nation.[83]

Best Type of Blockchain Deployed

Although opinions may differ substantially, a permissionless or public blockchain may be the most suitable type of blockchain for the administration of land and title.[84] Permissioned or private blockchains invade privacy and data protection procedures since participants can be identified. Moreover, permissioned blockchains are less transparent and more centralized, which create problems in land data accessibility, contribute to a dearth of trust, and contest the transparency aspect needed in land administration and management.[85] Public blockchains, in contrast, contribute to both privacy and data protection. Participants of the network remain anonymous, which thwarts the breach of privacy policies.[86] Although anonymity is upheld in public blockchains, the encrypted and hidden identity of users can be inferred in certain contexts where transactions or actions seem suspicious.[87] Many proponents of the implementation of blockchain technology in land administration argue that public blockchains are not the most suitable type of blockchain for real estate transfers and land registration.[88] These proponents argue that private or hybrid blockchains administered by the land registry can ensure the proper identification of users and define the liability rules within the Smart contract transfer or recording of title.[89]

Attributes of Blockchain in Real Estate in Developed Countries

Developing countries are not the only beneficiaries of the deployment of land title, transfer on the blockchain, and the advancement of human rights, including aspects of basic economic opportunity.[90] Blockchain offers several opportunities to developed nations and its individuals, which include the following:

Increased Access

Many developed nations are putting forth the idea of creating a blockchain based MLS, which would enable data to be distributed across a peer-to-peer network, making listings more accessible.[91] A blockchain-based MLS would provide for market participants to have increased access to more reliable data at a lower cost.[92] In the United States, for instance, the accuracy and detail of land and property data are based on the inclinations of the brokers, due to a lack of a standardized process; this has resulted in information being erroneous, dated, or incomplete.[93] Furthermore, the data is fragmented across multiple platforms, which has resulted in diminished trust on the quality of information available on the MLS. The implementation of blockchain technology in this context would provide participants with more equal access to accurate, transparent, and complete information.[94]

Fraud Mitigation

The set of protocols employed by blockchain technology can help to reduce fraud and increase transparency.[95] Fraud is one of the most prevalent challenges in the real estate property and real estate investment markets. For example, according to the CoreLogic Fraud Index, 1 in 28 investment mortgage applications is said to contain elements of fraud.[96] Furthermore, fraudulent information can enter at ample periods during the transfer of title. The encrypted nature of blockchain technology mitigates this fraud, however, since information put on the blockchain is verifiable and traceable; thus, this increase in the security of transactions reduces title-fraud risk.[97]

Lower Barriers to Ownership

Many individuals lack access to investing in real estate and participating in real estate transactions. The dearth of significant funds creates a barrier of entry to investing in property or land.[98] The deployment of blockchain technology in real estate makes it possible to buy and sell real estate in fractions. With fractionalized investing, enabled by technology such as blockchain, an individual can invest as much as the individual can afford.[99] Blockchain democratizes access to real estate investing and has contributed positively to the emerging sharing economy that has encouraged crowdfunding ownership and has furthered individual economic opportunity.[100]

Real-Time Applications

Blockchain is demonstrating visible social impact in several nations around the world, including in Ghana, Zambia, Honduras, The Republic of Georgia, and Dubai. Furthermore, blockchain has demonstrated its impact in Vernacular Land Markets.

Africa

Land allocation, real estate, and property development are stated by IBM to be the largest category of organized crime in Africa.[101] The challenges associated with real estate, including land conflicts, land poorness, and landlessness stem from a lack of transparency; the result of these challenges include social instability, exclusion, and political instability.[102] The resulting situation diminishes citizen’s trust and promotes contempt for the ethics and standards of behavior as land titles.[103] Africa, in specific, suffers from stunted development and impoverishment because of the challenges associated with land.[104] In Africa, land dominates the economy and provides for the livelihood of individuals. Ghana and Zambia are two regions of Africa that can benefit from the use of blockchain technology in its real estate and land industries.

Ghana

In 2016, it was estimated that nearly 78% of land in Ghana was unregistered.[105] Furthermore, in 2019, the World Bank ranked Ghana with a Land Registering Index of 119 out of 190.[106] Over the last few years, Ghana has suffered from a myriad of land tenure security problems and an inadequately coordinated land administration system where there are numerous sales of the same land.[107] Ghana has been rife with fraud and information asymmetry in its real estate industry, which has been monopolized by public land institutions.[108] Moreover, these problems have resulted in ample parcels of land unavailable for purchase due to ownership challenges.[109] Land dispute adjudication in the country is uncertain and takes an average of 10 to 20 years for the courts to settle.[110] During this indeterminate period, it is usual for land buyers or developers to employ armed gangs to threaten and defend against competing rivals to obtain real estate.[111] Ghana entertains a predatory economy that is dominated by powerful land sector players and crooked public officials who extort large sums of money from land buyers.[112] Ghana suffers from inefficient property transfers, bureaucratic and regulatory burdens, a lack of accountability and transparency, stalled development, and improper and disorganized property management and planning.[113]

Land information in Ghana is at the disposal of the several divisions of the National Liberation Council; the National Liberation Council is not usually current with information due to the lack of synchronization within the information infrastructure of the country and the manual land administration system employed.[114] This issue has resulted in the tampering of land documents by officials, which has caused negative trust perceptions in the title administration system. Furthermore, this challenge has resulted in low compliance with land use planning and development regulations; consequently, this has led to a high rate of unauthorized developments.[115]

Corruption and nepotism have plagued the real estate and land industries of Ghana, but a new blockchain-based initiative emerged with plans to obviate corruption and “free up trillions of dollars” in locked capital.[116] The blockchain initiative Bitland has a goal of registering land titles to a public blockchain to enable title ownership to be public and immutable. Bitland is an innovative non-profit organization, and it hopes that the emergence and use of a permanent auditable record of land titles will help Ghana dissolve disputes over land ownership. Ensuring transparency depends, in part, on the creation of land registries, making records accessible, securing transaction procedures, and documenting information.[117] The implementation and use of blockchain technology in the land registration process has the ability to enhance transparency and give individuals access to relevant information.[118]

Bitland has partnered with local bodies responsible for issuing land titles and has deployed its technology in conjunction with individuals located in these regions.[119] The organization has continued to update paper data storage into digital format and consolidate new land registry requests against old registries on its blockchain protocol.[120] Bitland has also continued to raise funds with the consent of the Ghana Land Commission and educate communities about Bitland land title documentation and administration on the blockchain. Bitland has been funded privately by Factom and its founder and CEO Narigamba Mwinsuubo.[121] Bitland’s team is using the OpenLedger platform for its blockchain initiative, which is built on top of the BitShares platform and is a MIT-licensed Graphene blockchain technology. Bitland has already recruited over 28 communities located in Ghana and it hopes to expand across the African continent in the future.[122]

Bitland helps Ghanaians obtain property rights and secure more financially stable futures. The organization’s chief objective is to provide land registry services where it is currently operating poorly or where no land registry services exist to locals.[123] Bitland works in three phases, which include land survey, preparation of titles, and land registry and land tokenization.[124] In the land surveying phase, the organization leaves 30 markers with individuals of the community and these community members then place the markers in approved spots to mark land boundaries.[125] The second phase, land registry, includes verifying GPS coordinates of the land with owners and creating a land title contract on the blockchain.[126] Finally, in the third phase, land titles and data are digitized into a token on the blockchain.[127] By permitting participants to rely on digital traceable records instead of verbal informal agreements, Bitland is creating strong property rights for Ghanaians.

In addition to Bitland, many scholars and experts have advanced the idea of using Smart contracts deployed on Ethereum’s blockchain to register title in Ghana.[128] The design architecture of Ethereum’s permissionless blockchain would allow all stakeholders of a particular transaction to have access to that transaction’s information and be able to monitor it. The participants of the network would control the registration process of title through their integration in the transaction; this would ensure the trust and credibility of the land registration process.[129] Although physical inspection and the survey of the land, among other parts of the registration process, would still have to be done manually, at least these events would be brought under the monitoring of the network, since all stakeholders would be aware of every stage of the registration process.[130] Participants of the network would be able to validate the outputs of the physical processes and decipher the accurate representation of the activity. Furthermore, due to the decentralized broadcasting of transactions on the blockchain, participants would have access to the hashing of new transaction blocks as well as historical blocks and be able to view current and historical information relating to the given real estate transaction.[131] All stakeholders of the title transaction would be privy to and aware of the transaction and registration process.[132] The availability and access to land information would help to eradicate the information asymmetry and its related challenges of bribery and corruption in the country.[133]

Zambia

In Zambia, there are more than 500,000 land records in the country’s land administration, but it is stated that only 176,000 of these records are complete.[134] The process of recording title is pricey, laborious, and corrupt, but is worth the process if an individual can obtain title records.[135] When an individual in Zambia obtains land title, the value of the land increases and the individual becomes eligible for government welfare services and loans.[136] Blockchain technology has been deployed in the country to help digitize property records. A public benefit corporation called Medici Land Governance has partnered with the Zambian government to integrate blockchain technology and record real estate titles.[137]

Honduras

Land title frauds and corruptions are commonplace in Honduras.[138] The country is prone to corrupt manipulation, leaving many individuals vulnerable to unlawful land seizures.[139] The World Bank has ranked Honduras 91st globally in the Ease of Registering Property and 152nd in the Enforceability of Contracts.[140] Proof of land ownership is essential to protect the livelihoods of Honduras’ residents and blockchain technology has proven to address this objective; blockchain based land registry protocols provide for a secure and optimal solution for tracking title with a timestamped digital signature attached.[141]

In 2015, the government of Honduras publicized its enthusiasm for digitizing the country’s land registries with United States-based partners.[142] This idea to develop a registry system was endorsed considering the growing threat of land title fraud by bureaucrats hacking the existing government land title database to steal land.[143] Unfortunately, the blockchain title registry endeavor became a victim of politics, and the project stalled thereafter.[144] The envisioned registry plan included the possibility to work with United States-based partners Factom and Epigraph. Factom and Epigraph were granted the opportunity to develop the project; but, the project came to a halt when the president of Honduras was inflicted in a corruption scandal.[145] With political turmoil raging across the country, other priorities arose. Moreover, many individuals criticized the land registry project for advancing business interests rather than indigenous interests.[146]

Vernaculars

Vernacular Land Markets (“VLM”) are informal markets where land is allocated informally through verbal permissions on communal lands or state lands. Transactions in this market regularly occur without formal documentation.[147] Land is a powerful asset in this market and farmers only with access to certain lands can access state incentives, including land irrigation and lines of credit from banks.[148] The title to land shapes the farmer’s livelihood resilience; and, there is a pressing need to legitimatize vernacular access to land.

Through the use of blockchain technology, farmers in the Vernacular Land Markets can reference the digital documentation of their legitimate land use rights.[149] Blockchain technology provides the architecture to record and track land transactions, and farmers in the VLM can then use and leverage the documentation to access resources, like state incentives, to improve their livelihoods and legitimize their roles in the industry. Blockchain, and the deployment of Smart contracts, can also be used and executed in a land or title transaction to verify the landowner and his or her capacity to enter into the given transaction and confer the use right to the farmer. Blockchain also confers trust in the VLM; many farmers in certain regions largely avoid providing forms of tenure documentation to agricultural users due to fear of adverse possession by the renters.[150] With blockchain technology, trust is established through the computational smart network system; so, landowners and farmers do not need to establish trust between themselves to document the real estate transaction. The use of blockchain technology harnesses confidence in land market transactions since the exchange of rights and recording of the transaction can only be established when it is authenticated by the blockchain network.[151] Blockchain technology in the VLM allows land users to prove their tenure, establish a sense of security, and access livelihood resources.

The Republic of Georgia

The Republic of Georgia was one of the first countries to start registering land titles using the blockchain.[152] As a result of collaboration between the National Agency of Public Registry and Bitfury, a bitcoin mining company, the Republic of Georgia developed a blockchain-based real estate registration system.[153] The registry functions on a private permissioned blockchain, which is administered by the National Agency of Public Registry. In 2016, Georgia’s National Agency of Public Registry signed an official Memorandum of Understanding with Bitfury.[154] By 2018, Georgia registered over 1.5 million land titles on its blockchain protocol.[155]

The blockchain initiative has brought increased trust and transparency in the Republic of Georgia. The blockchain title project has attracted international investors and has helped to curb corruption.[156] The Corruption Perception Index has recorded the Republic of Georgia’s reduced corruption and its economic growth has proven steady because of the blockchain project employed. The World Bank ranks the Republic of Georgia as the fourth easiest country to register property because of its blockchain initiative.[157]

The Republic of Georgia launched the blockchain project in phases.[158] During the first phase, the blockchain was initiated to ensure the system was verifiable and secure. The second phase consisted of allowing the blockchain technology to facilitate the purchase and sale of real estate. In the second phase, the purchase and sale transaction costs were reduced to about 0.1% of the property value.[159]

The success of the blockchain project in the Republic of Georgia has stemmed, in part, from the quality of data employed. The Republic of Georgia has been working with international experts and has engaged stakeholders to guarantee the successful implementation of the blockchain title initiative.[160] Further, the Republic of Georgia has implemented an education program to help with the adoption of the project, which has proven to be effective.[161]

Developed countries, such as the Republic of Georgia, have the potential to make an impact on developing countries.[162] The demonstration of successful blockchain real estate projects in developed nations could pave the way for adoption in developing nations where land rights and land titles are manipulated.

Dubai

The Dubai Land Record Authority was one of the first government agencies to register land titles on the blockchain.[163] In 2016, the Dubai Blockchain Strategy was launched.[164] The Dubai Blockchain Strategy is a multi-pronged initiative by the Dubai Future Foundation and the Smart Dubai Office to make Dubai the first city run on the blockchain.[165] The project has been a major success and has eliminated the manual process; integrating the required stakeholders that are contributing to and active in the network has provided a hybrid platform to be shared across government and private entities to obtain the benefit of current data, has shared information between entities to serve the Open Data initiative, and has increased operation efficiency of the property transaction process.[166]

Limitations

Although blockchain in the real estate industry has many positive attributes and the potential gains are substantial, the technology has some drawbacks and associated concerns.[167] First, even if a public blockchain is deployed, how does an individual know which records are authorized? Transactions on a public blockchain are pseudonymous and uncensored, even though they are verified by nodes in a network. Essentially, fake records can potentially be made on the blockchain, depending on the entity or organization governing the blockchain.[168] It is necessary to employ stakeholder or participant identity verification in the system used. Second, how is it possible to acknowledge an e-deed when a town clerk must apply his or her digital signature? The digital signature of a land registry contract typically requires absolute authenticity, and some technical operations and preparations are required to allow for the digital signature to commence. In some developing countries that are not innovatively advanced, this could pose a major challenge. Third, scalability of the technology is a major concern. The large number of stakeholders in real estate transactions will require a large amount of data and bandwidth resources and may pose a challenge to several organizations and regions.[169] Fourth, although blockchains are considered immutable, the protocol is not fully immune to vulnerabilities.[170] Nodes can be hacked via its cryptographic keys and can result in transaction manipulations. Fifth, the data that enters the blockchain system must be accurate, since the fake data entered will result in the propagation of false data across the protocol.[171] The data entered into the system is made by human actors and is susceptible to human error.[172] When an error is made, the data may not be able to be changed and the transaction may not be able to be reversed easily.[173] Also, liability may be indeterminate due to the lack of disclosure of the network participants’ identities.[174] Cross border transactions may pose even more of a threat to title registration mistakes.[175] Sixth, the mass adoption of this technology requires substantial infrastructure to deploy the technology across a region. Many individuals do not understand the technology and do not have the digital literacy or basic education to be able to understand it.[176] Further, many individuals do not have access to technology due to financial reasons or their country’s infrastructure.[177] Africa, for instance, commands only 4% of the global internet access.[178] Although the blockchain permits transparency, without extensive public education and awareness creation on the use of the blockchain system, individuals will not be able to experience the full range of the technology’s benefits.[179] Seventh, the blockchain system does not guarantee the order in which transactions are received by the nodes, which poses potential problems.[180] Certain real estate transactions must take place before other transactions or particular documents must be submitted before other documents.[181] On the blockchain, the order submitted is not dependent on the chronology of applications and is dependent on a random act. This concern demonstrates that the blockchain’s operating methods may not be appropriate for some real estate transactions.[182] Nations continue to contend with land governance and management challenges, including the digitization of its registries, that have plagued their region for decades. Finally, resource consumption is a concern of blockchain technology.[183] Experts who code for the blockchain are expensive, along with the energy consumption costs associated with the blockchain. The current consumption of a public blockchain, including The Republic of Georgia’s blockchain Bitfury, is very power intensive.[184]

Although blockchain technology has the potential to ameliorate land governance issues and secure title, widespread adoption of blockchain technology in the real estate industry is far from being employed at scale due to the many issues and concerns associated with the innovative technology.

Legal Implications

The implementation of blockchain projects in the real estate industry of nations globally must be flexible and able to adapt to existing and future legislation and regulations.[185] Many individuals question whether blockchain is sufficiently prepared to perform the functions of real estate actors, including notaries, land registries, and real estate agents. A concern within the legal community regarding blockchain technology in the real estate sector is whether the Smart contract is effective and legal.[186]

The legality of Smart contracts and its components to a transaction vary by jurisdiction. The rise in mass adoption and integration of blockchain technology have forced regulators to begin blueprinting rules for defining administrative policies in the sector. In the United States, UETA and ESIGN definitions and provisions broadly provide that any electronic record, signature, or contract may not be denied legal effect or enforceability solely because of their electronic nature. The UETA drafting committee contemplated calling out specific types of technologies; but, in the end, the UETA decided to remain technology neutral.[187] Furthermore, Sections 102 and 103 of ESIGN outlaw any law requiring specific technologies or giving greater legal effect to specific types of technologies.[188] The effect of this decision and network of legislation is to provide a basic infrastructure for emerging technologies, like blockchain.

The coding and execution of Smart contracts also raise some legal implications and questions that have remained unanswered in many jurisdictions. There is no articulated and clear system or set of rules that apply to Smart contracts.[189] Liability pertaining to the breach of a Smart contract or the coding of the Smart contract remains a concern for the legal community. There is a risk that false data will improperly trigger, or fail to trigger, Smart contract clauses, which may result in economic loss.[190] Computer programmers and coders who code the information of the Smart contract may face liability for erroneous coding; however, there is no existence of a clear system of rules for liability that apply to Smart contracts.[191] Thus, Smart contracts may circumvent traditional legal contract rules since it is ambiguous whether the code constitutes true offer, acceptance, and consideration. In the United States, no precedent has been set.[192] Furthermore, jurisdiction and other legal questions create impediments for litigating Smart contracts since the parties of the contract are anonymous or pseudonymous.[193] Without knowing, necessarily, the identities or domiciles of the parties, courts would be incapable of establishing jurisdiction using the traditional rules of minimum contracts or physical presence.[194] Even if jurisdiction was established, though, the courts and its judges and lawyers would have difficulty interpreting the Smart contract since the code written is mostly understood by the coder. Finally, courts would have difficulty filling the gaps in the Smart contract since blockchain generally does not allow for modifications to be made to the existing transaction.[195]

Many individuals and activists have proposed governance standards and legislation to be made around blockchain technology, including Smart contracts. Some nations, including the United States, has begun to introduce and pass legislation pertaining to the enforcement of Smart contracts.[196] Other individuals have proposed that legal rules could be coded in the blockchain contracts themselves to ease the understanding of the content. Although many individuals are pushing for legislation, traditional legal systems may not be able to keep up. Many traditional legal systems remain slow to act. Furthermore, even if legislation was passed, there is not a universal and widely accepted legal framework that could apply; blockchain contracts are cross jurisdictional and often involve international parties.[197]

Developers, entrepreneurs, and lawyers are trying to create solutions for resolving Smart contract disputes that apply cross-jurisdictional and are extra-legal and efficient. Consequently, start-up organizations and entities are generating online dispute resolution systems in the blockchain.[198] Principal online dispute resolution models currently include online arbitration, crowd-sourced dispute resolution, and artificial intelligence powered resolutions.[199]

Conclusion

Although there have been many proposals to employ various blockchain protocols to enhance title transfer and ownership in ample countries, many of these blockchain projects have stalled or, at least, seemed to have stalled. There is not much information available about why the projects have delayed or when they plan to resume. For example, Bitland Ghana’s Twitter account has not posted an update since 2017.[200] Furthermore, when an individual searches on the internet the status of Bitland Ghana, only articles about its potential is found; there are no updates on the progress or outlook of the project, which is concerning.

Personally, I think that one of the reasons the Bitland project, like many other projects, has not been deployed is due to the country’s infrastructure and acceptance that is hindering its progress. As mentioned, access to technology and mass adoption of technology are major issues that many countries, including Ghana, face. The advancement and utilization of technology is triggered by education and literacy, which many parts of Africa, like Ghana, lack. Although literacy rates in Africa have increased in recent years, empirical evidence suggests that 40% of teenagers above 15 years old and a half of the total population of women above the age of 25 years old are illiterate.[201] It seems from these statistics, that Africa may be handicapped by the education rate, which may be a pertinent reason why many of these title blockchain initiatives have been paused or have failed. Although many Ghanaian communities have shown interest in the use of Bitland and other blockchain projects, interest may not be enough to deploy the project. Furthermore, another theory as to why the Bitland project has stalled is because the project focused on local communities without any official government integration when the project created the title ledger.[202] The exclusion of the government land registration authority may have caused the project to not be accepted beyond the local community. Perhaps, the Bitland project will be deployed when significant technological literacy and government cooperation and integration is made; but, the truth as to the real reason why this project has not been adopted remains unknown to date.

Although some blockchain land titling projects have stalled or failed, many have proven their success, including Medici Land Governance in Zambia. I think the project’s success has stemmed from the partnership with the Zambian government to integrate the technology in communities. In March 2023, a Twitter post revealed that over 21,000 titles have been issued and over 70,000 offer letters have been sent so far to support the efforts of expanding Zambia’s land tilting program.[203] Furthermore, all titles secured under the Medici Land Governance project to date have contributed to women becoming empowered with newly acquired financial independence; the platform states that there is a distribution of 56 % female title holders to date. The use of blockchain technology to record land title in Zambia has streamlined bureaucratic procedures and has shifted the focus from “paperwork to people.”[204] It is evident, in my opinion, that this project has already proven to be successful and will continue to democratize land governance in Zambia.

Based on the success seen in Zambia, I think it is essential for the government of Ghana to work alongside a specific blockchain platform to document land governance and title across the country. Although “bad” in both countries, the Corruption Index is worse in Zambia; in Zambia the Corruption Index is a 67 and in Ghana the Corruption Index is a 57.[205] Based on this data, an individual would think that the successful deployment of a blockchain initiative would be more difficult to incorporate in a country wrought with higher rates of corruption. I think that for a blockchain platform such as Bitland to succeed, the platform would need to work alongside the government, parallel to what Medici Land Governance did in Zambia. The technology is there and ready to be utilized by the citizens of Ghana, but I believe it is up to the government of Ghana to fruitfully integrate it in its country.

Likewise, I think it is up to the government of Honduras to also push the blockchain land titling initiative in its country. It is clear that the government of Honduras was interested in blockchain as a solution to title land fraud and corruption when it announced a deal with Factom in 2015.[206] However, the project stalled as a result of the burdens of implementation that accrued and the country’s problems relating to political instability and corruption. There have been no plans to start up the project since 2015. I think that it is appropriate to assume that the reimplementation of the project will only be triggered and accomplished by the government’s push in Honduras.

The use of blockchain technology can be used as an opportunity to springboard the digital economy and advance human rights in developing countries.[207] The current land registration process in many developing countries is corrupt and exposes individuals to ample vulnerabilities. Blockchain provides a potential solution for many of the challenges that parallel land registration, and it leverages the opportunity to generate a transparent, secure, and verifiable record of ownership for land and real estate. The livelihood of many people in nations globally are tied to or directly correlated to the property or piece of land that the individual owns. Through the documentation and digitization of property or land, individuals can demonstrate their right to real estate and access many of the social benefits that exist as a result. A blockchain title registry could register property titles and ominously increase the efficiency of conveyancing land and prevent fraud. Although there is criticism and concern of blockchain registries, the potential opportunities present a strong argument for the implementation of this technology globally to advance human rights and improve the livelihoods of many individuals in both developed and developing nations. This technology, though, will not be successful without the support of the government; it is imperative that these blockchain platforms and organizations work alongside their local government to successfully deploy the innovation to advance basic property and human rights. Blockchain technology is superior, but its success will be ultimately driven by government support.

[1]The Business Research Company, Real estate market size, trends and Global Forecast to 2032, THE BUSINESS RESEARCH COMPANY (January 2023), https://www.thebusinessresearchcompany.com/report/real-estate-global-market-report.

[2] Grand View Research, Real Estate Market Size & Trends Report, 2022–2030, GRAND VIEW RESEARCH (April 2022), https://www.grandviewresearch.com/industry-analysis/real-estate-market#:~:text=The%20global%20real%20estate%20market,5.2%25%20from%202022%20to%202030.

[3] Jérémie Gilbert, Land Rights as Human Rights: The Case For a Specific Right to Land, 10 Int. J. Hum. Rights. 110, 115–135 (2013).

[4] Laura Tuck & Wael Zakout, 7 Reasons for land and property rights to be at the top of the global agenda, WORLD BANK BLOGS (2019), https://blogs.worldbank.org/voices/7-reasons-land-and-property-rights-be-top-global-agenda.

[5] Id.

[6] John G. Sprankling, The Global Right to Property, 52 Colum. J. Transnat’l L. 464 (2014).

[7] Id.

[8] Martin A. Geer, Foreigners in Their Own Land: Cultural Land And Transnational Corporations- Emergent International Rights And Wrongs, 38 Va. J. Int’l L. 331 (1998).

[9] United Nations General Assembly, Universal Declaration of Human Rights, UNITED NATIONS (December 1948), https://www.un.org/sites/un2.un.org/files/2021/03/udhr.pdf

[10] Jérémie Gilbert, Land Rights as Human Rights: The Case For a Specific Right to Land, 10 Int. J. Hum. Rights. 110, 115–135 (2013).

[11]Georg Eder, Digital Transformation: Blockchain and Land Titles, 2019 OECD GLOBAL ANTI-COURRPTION & INTEGRITY FORUM (2019), https://www.oecd.org/corruption/integrity-forum/academic-papers/Georg%20Eder-%20Blockchain%20-%20Ghana_verified.pdf

[12] Id. at 1.

[13] Desiree Daniel & Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[14] John Andrikos, Blockchain-Based Land Registry in Honduras, THE BORGEN PROJECT (2021), https://borgenproject.org/blockchain-based-land-registry/.

[15] What is blockchain?, EUROMONEY LEARNING (2023), https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain

[16] McKinsey & Company, What is blockchain?, MCKINSEY & COMPANY (December 2022), https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-blockchain

[17] Id.

[18] Desiree Daniel & Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[19] McKinsey & Company, What is blockchain?, MCKINSEY & COMPANY (December 2022), https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-blockchain

[20] Benedict George, What Is a Consensus Mechanism?, COINDESK (May 2022), https://www.coindesk.com/learn/what-is-a-consensus-mechanism/

[21] Id.

[22] Id.

[23] Vitalik Buterin, Ethereum Whitepaper, ETHEREUM.ORG (2014), https://ethereum.org/en/whitepaper/.

[24] Id.

[25] Id.

[26] Id.

[27] Dawn Kawamoto, Private Blockchain vs. Public Blockchain: What’s the Difference?, BUILTIN (August 2022), https://builtin.com/blockchain/private-blockchain.

[28] Poulomi Chatterjee, Public vs private blockchains: How do they differ, ANALYTICS INDIA MAGAZINE (February 2022), https://analyticsindiamag.com/public-vs-private-blockchains-how-do-they-differ/

[29] Id.

[30] Admin, Comparing public and private blockchain features, pros & cons, BSV BLOCKCHAIN (August 2022), https://bsvblockchain.org/news/comparing-public-and-private-blockchain-features-pros-cons/

[31] Toshendra Kumar Sharma, Types of Blockchains Explained- Public Vs. Private Vs. Consortium, BLOCKCHAIN COUNCIL (October 2022), https://www.blockchain-council.org/blockchain/types-of-blockchains-explained-public-vs-private-vs-consortium/

[32] Jeremy Barnett & Philip Treleaven, Algorithmic Dispute Resolution — The Automation of Professional Dispute Resolution Using AI and Blockchain Technologies, 61 Comput. J. 41(2017).

[33] Id. at 402.

[34] Id. at 403.

[35] Id.

[36] Julien Fouret & Dyalá Jiménez, ICC Dispute Resolution Bulletin 2018 Issue 1, INTERNATIONAL COURT OF ARBITRATION (April 2018), https://www.hoganlovells.com/~/media/hogan-lovells/pdf/2018/2018_12_13_icc_robots_arbitrator.pdf

[37] Kal Raustiala & Christopher Jon Sprigman, The Second Digital Disruption: Streaming & the Dawn of Data-Driven Creativity, 94 N.Y.U. L. 101 (2018).

[38] Jeremy Barnett & Philip Treleaven, Algorithmic Dispute Resolution — The Automation of Professional Dispute Resolution Using AI and Blockchain Technologies, 61 Comput. J. 4 (2017).

[39] Amy J. Schmitz & Colin Rule, Online Dispute Resolution for Smart Contracts, 2019 J. Disp. Resol. 104 (2019).

[40] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[41]Sebastian Kriticos, Keeping it clean: Can blockchain change the nature of land registry in developing countries?, WORLD BANK BLOGS (March 2019), https://blogs.worldbank.org/developmenttalk/keeping-it-clean-can-blockchain-change-nature-land-registry-developing-countries

[42] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[43] Id.

[44] Desiree Daniel & Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[45] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[46] Id. at 7.

[47] Id. at 1.

[48] Id.

[49] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[50] Id.

[51] Matthew Van Niekerk, How blockchain can help dismantle corruption in government services, WORLD ECONOMIC FORUM (July 2021), https://www.weforum.org/agenda/2021/07/blockchain-for-government-systems-anti-corruption/.

[52] Id.

[53] Jason Seter, Corruption Hampers Land Registration in Bangladesh, ORGANIZED CRIME AND CORRUPTION REPORTING PROJECT (September 2019), https://www.occrp.org/en/daily/10653-corruption-hampers-land-registration-in-bangladesh.

[54] Maddi Miller, Bitland: Property Rights For The World’s Poor, THE BORGEN PROJECT (2020), https://borgenproject.org/property-rights-for-the-worlds-poor/.

[55] Id.

[56] £100bn of property in England and Wales is secretly owned, estimates show, GLOBAL WITNESS (March 2019), https://www.globalwitness.org/en/press-releases/100bn-of-property-in-england-and-wales-is-secretly-owned-estimates-show/

[57] Promoting Land Rights to Empower Rural Women and End Poverty, THE WORLD BANK (2016), https://www.worldbank.org/en/news/feature/2016/10/14/promoting-land-rights-to-empower-rural-women-and-end-poverty

[58] Desiree Daniel and Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[59] What is tokenized real estate? A beginner’s guide to digital real estate ownership, CoinTelegraph (2023), https://cointelegraph.com/nonfungible-tokens-for-beginners/what-is-tokenized-real-estate

[60] Michael C. DeCosimo & Colton Riley, The tokenization of real estate: An introduction to fractional real estate investment, DENTONS (September 2022), https://www.dentons.com/en/insights/articles/2022/september/6/the-tokenization-of-real-estate#:~:text=Real%20estate%20tokenization%20converts%20the,stake%20in%20that%20real%20estate.

[61] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[62] Desiree Daniel and Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[63] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[64] Maria Kaczorowska, Blockchain-based Land registration: Possibilities and Challenges, 13 Masaryk Univ. J. Law Technol. 339 (2019).

[65] Oleksii Konashevych, Real Estate Registry on Blockchain: Promise Land or Wishful Thinking?, COINTELEGRAPH (July 2019), https://cointelegraph.com/news/real-estate-registry-on-blockchain-promise-land-or-wishful-thinking

[66] Desiree Daniel and Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[67] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[68] Id.

[69] Sebastian Kriticos, Keeping it clean: Can blockchain change the nature of land registry in developing countries?, WORLD BANK BLOGS (March 2019), https://blogs.worldbank.org/developmenttalk/keeping-it-clean-can-blockchain-change-nature-land-registry-developing-countries

[70] Maria Kaczorowska, Blockchain-based Land registration: Possibilities and Challenges, 13 Masaryk Univ. J. Law Technol. 339 (2019).

[71] Rosslyn Sinclair & Sayeed Mavani, Blockchain for Good: How Can Blockchain Help the Most Marginalised Individuals and Communities, MCGILL BUSINESS REVIEW (December 2022), https://mcgillbusinessreview.com/articles/blockchain-for-good-how-can-blockchain-help-the-most-marginalised-individuals-and-communities

[72] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[73] Id.

[74] Desiree Daniel and Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[75] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[76] Rosslyn Sinclair & Sayeed Mavani, Blockchain for Good: How Can Blockchain Help the Most Marginalised Individuals and Communities, MCGILL BUSINESS REVIEW (December 2022), https://mcgillbusinessreview.com/articles/blockchain-for-good-how-can-blockchain-help-the-most-marginalised-individuals-and-communities

[77] Maria Kaczorowska, Blockchain-based Land registration: Possibilities and Challenges, 13 Masaryk Univ. J. Law Technol. 339 (2019).

[78] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[79] Id.

[80] Desiree Daniel and Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[81] Matthew Van Niekerk, How blockchain can help dismantle corruption in government services, WORLD ECONOMIC FORUM (July 2021), https://www.weforum.org/agenda/2021/07/blockchain-for-government-systems-anti-corruption/

[82] Id.

[83] Id.

[84] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[85] Id.

[86] Id.

[87] Id.

[88] Maria Kaczorowska, Blockchain-based Land registration: Possibilities and Challenges, 13 Masaryk Univ. J. Law Technol. 339 (2019).

[89] Id.

[90] Deloitte Center for Financial Services, Blockchain in commercial real estate, DELOITTE (2017), https://www2.deloitte.com/content/dam/Deloitte/us/Documents/financial-services/us-dcfs-blockchain-in-cre-the-future-is-here.pdf

[91] Id.

[92] Id.

[93] Id.

[94] Id.

[95] Kelsi Borland, Blockchain: The Final Link in Commercial Real Estate’s Tech Revolution, NORTHSPYRE (April 2022), https://www.northspyre.com/blog/blockchain-the-final-link-in-commercial-real-estates-tech-revolution

[96] Mortgage Team, Mortgage Fraud Trends Report, CORELOGIC (April 2021), https://www.corelogic.com/intelligence/mortgage-fraud-trends-report/

[97] Deloitte Center for Financial Services, Blockchain in commercial real estate, DELOITTE (2017), https://www2.deloitte.com/content/dam/Deloitte/us/Documents/financial-services/us-dcfs-blockchain-in-cre-the-future-is-here.pdf

[98] Id.

[99] Id.

[100] Osato Avan-Nomayo, Blockchain brings the sharing economy to real estate investing, COINTELEGRAPH (October 2021), https://cointelegraph.com/news/blockchain-brings-the-sharing-economy-to-real-estate-investing

[101] Khayelitsha, The quest for secure property rights in Africa, THE ECONOMIST (September 2020), https://www.economist.com/middle-east-and-africa/2020/09/12/the-quest-for-secure-property-rights-in-africa

[102] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[103] Id.

[104] Id.

[105] Roger Aitken, Bitland’s African Blockchain Initiative Putting Land On The Ledger, FORBES (April 2016), https://www.forbes.com/sites/rogeraitken/2016/04/05/bitlands-african-blockchain-initiative-putting-land-on-the-ledger/?sh=3de3d5fd7537

[106] Georg Eder, Digital Transformation: Blockchain and Land Titles, 2019 OECD GLOBAL ANTI-COURRPTION & INTEGRITY FORUM (2019), https://www.oecd.org/corruption/integrity-forum/academic-papers/Georg%20Eder-%20Blockchain%20-%20Ghana_verified.pdf

[107] Kwabena Mintah, et al., Blockchain on stool land acquisition: Lessons from Ghana for strengthening land tenure security other than titling, 109 Land use policy 1 (2021).

[108] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[109] Id.

[110] Kwabena Mintah, et al., Blockchain on stool land acquisition: Lessons from Ghana for strengthening land tenure security other than titling, 109 Land use policy 1 (2021).

[111] Id.

[112] Id.

[113] Georg Eder, Digital Transformation: Blockchain and Land Titles, 2019 OECD GLOBAL ANTI-COURRPTION & INTEGRITY FORUM (2019), https://www.oecd.org/corruption/integrity-forum/academic-papers/Georg%20Eder-%20Blockchain%20-%20Ghana_verified.pdf

[114] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[115] Id. at 20.

[116] New Blockchain Initiative Bitland Is Putting Land on the Ledger in Ghana, CISION PR NEWSWIRE (May 2016), https://www.prnewswire.com/news-releases/new-blockchain-initiative-bitland-is-putting-land-on-the-ledger-in-ghana-300269491.html

[117] Id.

[118] GreenViews, The rise of cryptocurrency in Ghana, GREENVIEWS QUALITY OF LIFE (April 2023), https://greenviewsresidential.com/cryptocurrency-in-ghana/

[119] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[120] Aanchal Anand & Matthew McKibbin, Colored Coins: Bitcoin, Blockchain, and Land Administration, CADASTA (March 2017), https://cadasta.org/resources/white-papers/bitcoin-blockchain-land/

[121] Id.

[122] Bitcoin PR Buzz, Bitland Puts Land Titles on the Blockchain in Ghana, Bitcoinist (2016), https://bitcoinist.com/bitland-land-blockchain-ghana/

[123] Maddi Miller, Bitland: Property Rights For The World’s Poor, THE BORGEN PROJECT (2020), https://borgenproject.org/property-rights-for-the-worlds-poor/.

[124] Id.

[125] Id.

[126] Id.

[127] Id.

[128] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[129] Id.

[130] Id.

[131] Id.

[132] Id.

[133] Id.

[134] Robert Stevens, Land on the blockchain: How countries are solving disputes using DLT, YAHOO (August 2019), https://www.yahoo.com/video/land-blockchain-countries-solving-ownership-102520672.html

[135] Id.

[136] Id.

[137] Id.

[138] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[139] Id.

[140] Georg Eder, Digital Transformation: Blockchain and Land Titles, 2019 OECD GLOBAL ANTI-COURRPTION & INTEGRITY FORUM (2019), https://www.oecd.org/corruption/integrity-forum/academic-papers/Georg%20Eder-%20Blockchain%20-%20Ghana_verified.pdf

[141] John Andrikos, Blockchain-Based Land Registry in Honduras, THE BORGEN PROJECT (2021), https://borgenproject.org/blockchain-based-land-registry/.

[142] Id.

[143] Id.

[144] Georg Eder, Digital Transformation: Blockchain and Land Titles, 2019 OECD GLOBAL ANTI-COURRPTION & INTEGRITY FORUM (2019), https://www.oecd.org/corruption/integrity-forum/academic-papers/Georg%20Eder-%20Blockchain%20-%20Ghana_verified.pdf

[145] Id. at 6.

[146] Id.

[147] Desiree Daniel and Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[148] Id. at 3.

[149] Id. at 2.

[150] Id. at 6.

[151] Id.

[152] How blockchain is changing land registration in different countries, FCE MEDIA (September 2022), https://fcegroup.ch/en/news/text/id411-2022-09-25-how-blockchain-is-changing-land-registration-in-different-countries

[153] Maria Kaczorowska, Blockchain-based Land registration: Possibilities and Challenges, 13 Masaryk Univ. J. Law Technol. 339 (2019).

[154] Georg Eder, Digital Transformation: Blockchain and Land Titles, 2019 OECD GLOBAL ANTI-COURRPTION & INTEGRITY FORUM (2019), https://www.oecd.org/corruption/integrity-forum/academic-papers/Georg%20Eder-%20Blockchain%20-%20Ghana_verified.pdf

[155] Matthew Van Niekerk, How blockchain can help dismantle corruption in government services, WORLD ECONOMIC FORUM (July 2021), https://www.weforum.org/agenda/2021/07/blockchain-for-government-systems-anti-corruption/.

[156] Id.

[157] Id.

[158] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[159] Id. at 11.

[160] Id. at 14.

[161] Id.

[162] Id. at 11.

[163] Muhammad Irfan Khalid, et al., Blockchain-Based Land Registration System: A Conceptual Framework, 2022 Appl Bionics Biomech 1 (2022).

[164] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[165] Amy J. Schmitz & Colin Rule, Online Dispute Resolution for Smart Contracts, 2019 J. Disp. Resol. 104 (2019).

[166] Dubai Land Department, Dubai Real Estate Blockchain, EMIRATES REAL ESTATE SOLUTIONS (2018), https://eres.ae/DubaiRealEstateBlockchain.aspx

[167] Matthew Van Niekerk, How blockchain can help dismantle corruption in government services, WORLD ECONOMIC FORUM (July 2021), https://www.weforum.org/agenda/2021/07/blockchain-for-government-systems-anti-corruption/.

[168] Oleksii Konashevych, Real Estate Registry on Blockchain: Promise Land or Wishful Thinking?, COINTELEGRAPH (July 2019), https://cointelegraph.com/news/real-estate-registry-on-blockchain-promise-land-or-wishful-thinking

[169] Mohammed Shuaib, et al., Current Status, Requirements, and Challenges of Blockchain Application in Land Registry, 12 J. Inf. Retr. Res 1 (2022).

[170] Desiree Daniel and Chinwe Ifejika Speranza, The Role of Blockchain in Documenting Land Users’ Rights: The Canonical Case of Farmers in the Vernacular Land Market, 3 Front. Blockchain 1 (2020).

[171] Id. at 6.

[172] Sebastian Kriticos, Keeping it clean: Can blockchain change the nature of land registry in developing countries?, WORLD BANK BLOGS (March 2019), https://blogs.worldbank.org/developmenttalk/keeping-it-clean-can-blockchain-change-nature-land-registry-developing-countries

[173] Id.

[174] Maria Kaczorowska, Blockchain-based Land registration: Possibilities and Challenges, 13 Masaryk Univ. J. Law Technol. 339 (2019).

[175] Id.

[176] Martin Lavery, et al., Tackling Africa’s digital divide, 12 Nat. Photon 1 (2018).

[177] Id.

[178] Id. at 2.

[179] Prince Donkor Ameyaw & Walter Timo de Vries, Transparency of Land Administration and the Role of Blockchain Technology, a Four-Dimensional Framework Analysis from the Ghanaian Land Perspective, 9 Land 1 (2020).

[180] Maria Kaczorowska, Blockchain-based Land registration: Possibilities and Challenges, 13 Masaryk Univ. J. Law Technol. 339 (2019).

[181] Id. at 349.

[182] Id.

[183] Georg Eder, Digital Transformation: Blockchain and Land Titles, 2019 OECD GLOBAL ANTI-COURRPTION & INTEGRITY FORUM (2019), https://www.oecd.org/corruption/integrity-forum/academic-papers/Georg%20Eder-%20Blockchain%20-%20Ghana_verified.pdf

[184] Id. at 5.

[185] How blockchain is changing land registration in different countries, FCE MEDIA (September 2022), https://fcegroup.ch/en/news/text/id411-2022-09-25-how-blockchain-is-changing-land-registration-in-different-countries

[186] Guidance Note Regarding The Relation Between The Uniform Electronic Transactions Act And Federal Esign Act, Blockchain Technology And “Smart Contracts,” UNIFORM LAW COMMISSION (2019), https://www.uniformlaws.org/viewdocument/guidance-note-regarding-the-relatio?CommunityKey=2c04b76c-2b7d-4399-977e-d5876ba7e034&tab=librarydocuments

[187] Id. at 6.

[188] Id.

[189] Rosa M. Garcia-Teruel, Legal challenges and opportunities of blockchain technology in the real estate sector, 12 J. Prop. Plan. Environ. Law 129 (2019).

[190] Amy J. Schmitz & Colin Rule, Online Dispute Resolution for Smart Contracts, 2019 J. Disp. Resol. 104 (2019).

[191] Id.

[192] Id. at 111.

[193] John Mckinlay, et al., Blockchain: background, challenges and legal issues, DLA PIPER (February 2018), https://www.dlapiper.com/en/insights/publications/2017/06/blockchain-background-challenges-legal-issues

[194] Id.

[195] Amy J. Schmitz & Colin Rule, Online Dispute Resolution for Smart Contracts, 2019 J. Disp. Resol. 104 (2019).

[196] Id. at 112.

[197] Id. at 108.

[198] Id. at 105.

[199] Id. at 112.

[200] Bitland Ghana, TWITTER (February 2018), https://twitter.com/realestateghana?lang=en

[201] David Fiergbor & Christian Fiergbor, Blockchain Technology: Africa’s Socio-economic advancement tool, B&FT ONLINE (June 2022), https://thebftonline.com/2022/06/03/blockchain-technology-africas-socio-economic-advancement-tool/

[202] Reyan Zein & Hossana Twinomurinzi, Perspective Chapter: Actor-Network Theory as an Organising Structure for Blockchain Adoption in Government, INTECHOPEN (April 2022), https://www.intechopen.com/online-first/83390

[203] Medici Land Governance, TWITTER (March 2023), https://twitter.com/medici_land_gov

[204] Id.

[205] Country Comparison, WORLDDATA.INFO (2023), https://www.worlddata.info/country-comparison.php?country1=GHA&country2=ZMB

[206] Duncan Riley, Factom’s Blockchain Land Registry Tool trial stalls due to the politics of Honduras, SILICONANGLE (December 2015), https://siliconangle.com/2015/12/27/factoms-blockchain-land-reigstry-tool-trial-stalls-due-to-the-politics-of-honduras/

[207] Robert Stevens, Land on the blockchain: How countries are solving disputes using DLT, YAHOO (August 2019), https://www.yahoo.com/video/land-blockchain-countries-solving-ownership-102520672.html