Reinventing the conveyancing process with blockchain
The technology can potentially facilitate real estate transactions for a faster, easier and more secure transfer process.
IT’S worth exploring how blockchain technology can modernise the real estate industry. Blockchain can be used to facilitate transfer of title to immovable property (real estate) as it allows for faster and cheaper property transactions with far reduced paperwork. There is also a possibility of automated testamentary transfers of property pursuant to wills.
This is not a far-fetched proposition. A central coordinating entity, the Smart Nation and Digital Government Group, was set up under the Prime Minister’s Office in May 2017 to accelerate the process of integrating online transactions between citizens and government. The Government Technology Agency (GovTech) has also designed tools that leverage blockchain technology to enable the distribution and usage of decentralised, tamper-proof records.
Recently, the Immigration and Checkpoints Authority announced that it would no longer issue physical birth and death certificates from May 29 this year as part of the government’s attempt to streamline and digitise services for Singaporeans.
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