Blockchain and Land Titling

Abstract

In The Mystery of Capital, renowned development economist Hernando De Soto argues that capitalism requires strong property rights, something most, if not all, developing nations lack. Problematically, many leaders of developing countries are neither equipped nor incentivized to strengthen nations' property regimes. Invented by Satoshi Nakamoto in 2008, blockchain is a distributed ledger technology with the potential to remedy the developing world's titling issues. Because a blockchain registry would be public and resistant to modification, it could mitigate government corruption, reduce transaction costs, and increase security. To determine the requirements for a blockchain-based solution, numerous governments and private firms have piloted blockchain registries. For a government to implement such a registry, not only would it be necessary to select and appropriate blockchain, but it would also be necessary to develop the required institutions, laws, and infrastructure.