The Concept of Land Plot as a Combination of Smart Contracts: a Vision for Creating Blockchain Cadastre

Abstract

The key features of the blockchain databases, such as decentralization, distribution, security, and record of the history of all transactions, create significant prospects for their application in the field of cadastre and real estate registration activities, including creation of the global real estate cadastre infrastructure, which will be able to go beyond national legal systems and jurisdictions. The conceptual approach to registration of land plots as spatial objects using blockchain technology is proposed. The land plot should be considered as a combination of smart contracts between landowners, surveyors, appraisers, notaries and other persons. The subject of such contracts will be the description and establishment of spatial (plot boundaries, territorial zones, etc.) and other (property rights and encumbrances, monetary valuation, soil bonitet, etc.) characteristics of land plots. The classification of such smart contracts reliability is also presented.