Japan Can Transfer Its Entire Property Registry On A Blockchain?

Japan Can Transfer Its Entire Property Registry On A Blockchain?

The Japanese government is planning to put its property and land registries on a single ledger that relies on blockchain technology.

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The Japanese government is planning to put its property and land registries on a single ledger that relies on blockchain technology.

The information was first released in the Nikkei Asian Review (asia.nikkei.com).

“The government will connect all this information and make it viewable in one place. The new system will be tested in select cities in the summer of 2018, with a targeted nationwide rollout over five years if all goes well. Information from financial institutions about collateral and sale prices may also be added.”, as the online media wrote in an excerpt.

“Plans are to link data using blockchain technology to prevent tampering.”, they added.

At the moment, local municipalities, as well as the justice and land ministries maintain their own property registries for taxation reasons. The report explained that real estate companies, farmlands and forested areas keep their own records and databases. According to estimates from the justice ministry, around 230 million plots and 50 million buildings are registered across the country.

Why moving to a Blockchain ledger?

Having many separate registries may be confusing. In addition, the traditional paper register is not updated enough. A blockchain platform has the potential to allow data cross-referencing. As the Nikkei reported, “if a portion of the property is farmland, the user is recorded in a farmland register. Combining this with local-level data will make it easier to tell who is responsible for vacant land or buildings.”

Trialing the Blockchain technology

The new registry that relies on blockchain technology will be tested in select cities in the summer to come. If the pilot is successful, the government will implement the new system on a national scale in a period of five years.

It is to be seen whether blockchain technology will prove to be beneficial in this case.

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