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Blockchain technology is the best thing since sliced bread! It is gradually creeping into each and every industry you can think of and there is no stopping it now. Title record systems can enjoy a great deal of benefits courtesy of blockchain in the nearest future and the process is already ongoing.
In countries such as India, Georgia, Sweden, Brazil, governments have been found implementing blockchain technology in their land title record systems and the testimonies have been positive.
The blockchain is a decentralized ledger and it characteristically provides matchless data keeping and management. This is a feature that would be of great use to the Title Record industry as poor data management is one of the downsides that the industry is facing.
Transparency will be the order of the day if land title records are done on blockchain as the records will be in plain sight for the concerned parties to see. Proper organization and structure will also characterize the title records on blockchain.
Also, records kept on blockchain are always well secure as the system protects them from being tampered with or manipulated. Susceptibility to fraud is eliminated from the system. Blockchain technology will also reduce the risk of losing title record data (to unforeseen events or disaster) to the barest minimum.
Although it has not yet happened, sooner or later, blockchain technology will completely take the place of traditional methods of record keeping, as it is, blockchain is giving them a run for their money. Land title records stand to benefit a lot from blockchain technology, and with nothing to lose in fact.
Blockchain is probably your best bet when data storage and management is the topic and as a result of this, the title record industry cannot afford to look the other way.
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