

The word blockchain often conjures up thoughts of cryptocurrencies, of people dabbling in a seemingly dark art, making tens of millions of dollars. Blockchain was first linked to the cryptocurrency Bitcoin, but it is a technology that can enrich the lives of billions of people, in countless ways.

We believe it will have a huge impact in the developing world, helping uplift the poor and marginalised, aid in fighting corruption…and so much more.

Our first venture into the world of social good is a collaboration project to build a land registry using blockchain technology for the city of Panchkula, in the state of Haryana, India. This may seem like a small venture, but it is a pretty big deal, as it represents a meaningful and commercially viable solution for what we call ‘proof of concept’ – evidence — for land registries in the region.

So, what’s the issue with land registries anyway, and why do we need to use blockchain to solve its issues?

Take for example what happened in Haiti, after the devastating earthquake back in 2010. While many countries and organisations did their best to help rebuild the nation, a major obstacle kept cropping up… there were thousands of plots of land where the rightful owner could not be identified, and in many instances ownerships were in dispute.

These issues have had a big impact on recovery efforts, to this day. Construction projects have stalled, while government and contractors wait for ownership issues to be resolved. Business and homes that are desperately needed to help the citizens of Haiti get back on their feet are not being built. The current land registry system is rife with corruption and inefficiencies, and it is the unprotected citizens of Haiti that are suffering the most.

In dozens of cities across the developing world, land registries suffer from similar problems. Many citizens simply don’t have confidence in the system. Some are unsure if they legally own a piece of land, even if they have a legitimate sale deed. Others who want to buy a piece of land are not sure if the seller legally owns it. In a situation like Haiti, where the disaster destroyed paper records, this would be avoided with blockchain.

With blockchain, we have a chance to fix many of these problems. The solution we are building incorporates many key benefits of the technology, such as: an immutable history of transactional records, so no one can ever doubt the authenticity; records are permanently linked to the system so no one can ever tamper with or forge a record of their own; and these records can be seen by any party, at any time. It is powerful and validating.