Assessment of Web3 Technology in Land Ownership Transactions

Abstract

The advantages of publicly distributed, transparent, accountable, traceable, safe, and well organized database ledger has made the blockchain technology gained popularity and acceptance. As the world keeps growing in the knowledge and the adoption of the technology, it is very important to practically harness the opportunities in this technology in land administration system to combat the insecurity, poor database and copyright challenges facing land ownership transactions in the Cadastre System in developing countries. The aim of this paper is to examine the practicability of harnessing the Web3 Technology in Land Ownership Transactions with an objective to mint and transact a Registrable Instrument on a cryptographic blockchain. To achieve this, two Non- Fungible Token (NFT) accounts were created on Core blockchain, two templates of survey plans were also minted into an Art NFT on the same blockchain. The Minted NFTs were transacted (transferred and sold) between the two accounts on the YoungParrot NFT marketplace. These two transactions (sales and transfer) were completed, recorded and stored on the blockchain public ledger, with evidence that can be traced and viewed on the blockchain using the transaction hash/ID. The blockchain transaction was found to be fast, effortless, secured and organized on the blockchain transaction ledger, hence presenting the Web3 blockchain Technology as a possible solution to the challenges facing the Cadastre System. However, the acceptance of the technology in land administration, land ownership and transactions still face some other administrative challenges which this paper further addressed.