Blockchain land transfers: Technology, promises, and perils

The blockchain’s apparent immutability has attracted significant interest on whether it may be relied on for registering and transferring land. Proponents of blockchain-based land systems point toward data security, automated transacting, and improved accessibility as key benefits; critics raise con...

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Main Authors: OOI, Vincent, SOH, Kian Peng, SOH, Jerrold
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
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Online Access:https://ink.library.smu.edu.sg/sol_research/3912
https://ink.library.smu.edu.sg/context/sol_research/article/5870/viewcontent/SSRN_id4072348.pdf
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spelling sg-smu-ink.sol_research-58702024-08-13T05:56:11Z Blockchain land transfers: Technology, promises, and perils OOI, Vincent SOH, Kian Peng SOH, Jerrold The blockchain’s apparent immutability has attracted significant interest on whether it may be relied on for registering and transferring land. Proponents of blockchain-based land systems point toward data security, automated transacting, and improved accessibility as key benefits; critics raise concerns over structural vulnerabilities, such as majority attacks, and inconsistencies with existing legal frameworks. The literature, however, tends to conceptualise blockchain as one monolithic data structure invariably built on the same mechanisms powering Bitcoin. This paper seeks to situate the debate on a closer understanding of the range of blockchain implementations possible. To this end, we provide a detailed technological survey of established and emerging blockchain technologies, clarifying that different consensus mechanisms, permissioning schemes, and other use-based customisations, are possible. We then re-evaluate the promises and perils of blockchain land transfers in this light, focusing on the English conveyancing system, and illustrate how different implementations involve different advantages and limitations. However, the features necessary to avoid key vulnerabilities also diminish the marginal advantages of using blockchains over traditional electronic databases. Thus, we conclude that blockchains, even properly understood, remain unsuitable for land transfers. 2022-07-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/sol_research/3912 info:doi/10.1016/j.clsr.2022.105672 https://ink.library.smu.edu.sg/context/sol_research/article/5870/viewcontent/SSRN_id4072348.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection Yong Pung How School Of Law eng Institutional Knowledge at Singapore Management University Blockchain Land Registration e-Conveyancing Internet Law Property Law and Real Estate Science and Technology Law
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic Blockchain
Land Registration
e-Conveyancing
Internet Law
Property Law and Real Estate
Science and Technology Law
spellingShingle Blockchain
Land Registration
e-Conveyancing
Internet Law
Property Law and Real Estate
Science and Technology Law
OOI, Vincent
SOH, Kian Peng
SOH, Jerrold
Blockchain land transfers: Technology, promises, and perils
description The blockchain’s apparent immutability has attracted significant interest on whether it may be relied on for registering and transferring land. Proponents of blockchain-based land systems point toward data security, automated transacting, and improved accessibility as key benefits; critics raise concerns over structural vulnerabilities, such as majority attacks, and inconsistencies with existing legal frameworks. The literature, however, tends to conceptualise blockchain as one monolithic data structure invariably built on the same mechanisms powering Bitcoin. This paper seeks to situate the debate on a closer understanding of the range of blockchain implementations possible. To this end, we provide a detailed technological survey of established and emerging blockchain technologies, clarifying that different consensus mechanisms, permissioning schemes, and other use-based customisations, are possible. We then re-evaluate the promises and perils of blockchain land transfers in this light, focusing on the English conveyancing system, and illustrate how different implementations involve different advantages and limitations. However, the features necessary to avoid key vulnerabilities also diminish the marginal advantages of using blockchains over traditional electronic databases. Thus, we conclude that blockchains, even properly understood, remain unsuitable for land transfers.
format text
author OOI, Vincent
SOH, Kian Peng
SOH, Jerrold
author_facet OOI, Vincent
SOH, Kian Peng
SOH, Jerrold
author_sort OOI, Vincent
title Blockchain land transfers: Technology, promises, and perils
title_short Blockchain land transfers: Technology, promises, and perils
title_full Blockchain land transfers: Technology, promises, and perils
title_fullStr Blockchain land transfers: Technology, promises, and perils
title_full_unstemmed Blockchain land transfers: Technology, promises, and perils
title_sort blockchain land transfers: technology, promises, and perils
publisher Institutional Knowledge at Singapore Management University
publishDate 2022
url https://ink.library.smu.edu.sg/sol_research/3912
https://ink.library.smu.edu.sg/context/sol_research/article/5870/viewcontent/SSRN_id4072348.pdf
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