The current land leasing process is ineffective and antiquated. As a result, many landless households have been relying on informal land leases. The study found extensive use of this system throughout all countries. The land is usually under a fixed- rent price or sharecropping agreement. In areas of commercial agriculture practise, the land leased by affluent lessees from small landowners under a fixed-price rental agreement.
As a result, lessees cannot access various government benefits, such as subsidies or minimum support prices for agricultural products.
Resolving land registry disputes is often lengthy, with courts relying on incomplete paperwork from registries. Governments and companies worldwide are working to store data like assets and contracts in blockchains-digital transaction ledgers-to make progress on this issue. For example, blockchains have the potential to make the land leasing process much more efficient by providing a complete and unalterable record of all past transactions.
Challenges To Be Addressed
Blockchain can help by publishing all land registers online, eliminating multiple titles to the same land. In addition, blockchain in leasing transactions aims to transform and simplify the initial stages of signing lease agreements, lease payments and the subsequent property management process.
Benefits of Using Blockchain
in Land Leasing
From the initial purchase to the current contract, complete documentation of the property information will be freely available across the peer-to-peer network, increasing the reach of potential future stakeholders and maximizing transparency to avoid malicious activities.
Integrating smart contracts with automated payments will make the whole process mechanised, minimising the error of a manual process.
The process will be more reliable and authentic as any governing authority cannot mutate the data embedded in the blockchain.
Automating each step will reduce costs on a huge scale.
Like What You See?
The world is leaping ahead, are you going to follow or LEAD?
Become a part of the global revolution and welcome the future of business with our brilliant solutions to make your business more transparent and sustainable. Talk to us now and let the acceleration begin!