A New Design for Real Estate Registry Using Blockchain

Blockchain technology is considered to be a Advanced Science Technology that will open up new horizons for humanity in the economic, social, and cultural spheres. Based on the characteristics of Distributed Ledger Technology, this technology is rapidly expanding from the zones of virtual money such as Bitcoin and Ethereum to various industries such as finance, logistics, and the sharing economy. It is also affecting real estate, the most common asset of human beings, as blockchain can be used as a platform to store real estate ownership information. I introduced the LAC Property Chain model and the idea of using existing registries as a new design for real estate registry using blockchain. Using a traditional registry office is a mix of analog and digital methods using blockchain. The LAC Property Chain project scenario is how Swedish blockchain company Chromaway, in collaboration with the Inter-American Development Bank in the United States, came up with a model for a blockchain-based real estate registry system. The model is an open-source blockchain technology using Chromia, a public platform for decentralized apps developed by Chromaway, and the smart contract language RELL. The advantage of this system is that what is written to a node on the blockchain is always traceable and check. The LAC Property Chain project scenario is appropriate for Korea. The new model of the real estate registration system using blockchain is a revolutionary transformation of the existing real estate registration system, and as a representative convergence area where science and law operate in a complex manner, there are many challenges that must be overcome not only in terms of understanding the technical mechanisms but also in terms of law. For example, Smart contract methods, Fault and liquidation of smart contracts, Blockchain Real Estate Registry and Changes in Real Rights over Immovables, Discussion on amendments to the Civil Code and the Real Estate Registration Act. I hope that research on real estate registration systems using blockchain will continue.