Harnessing Blockchain Technology to Facilitate Notarial Work

Harnessing Blockchain Technology to Facilitate Notarial Work

On 28th September 2017, the first locally-built distributed ledger application, LP 01, targeted at property transfer management was launched through ‘Ledger Projects’ with the aim of, inter alia facilitating the work of notaries dealing with transfers of property through the use of blockchain technology.

Accordingly, once a deed of sale between a purchaser and vendor is published it is put on the blockchain in such a way that other notaries would be allowed to view such published deeds. Transfers in respect of the property would therefore be instantly logged in a manner that does not allow any form of manipulation to the title trail of the property in question.

once a deed of sale between a purchaser and vendor is published it is put on the blockchain in such a way that other notaries would be allowed to view such published deeds

Additionally the aim is for the platform to offer a “business inheritance tool” for authorities, who will have access to real-time information on sales of properties in Malta, including the localities experiencing high rates of property transfers as well as the prices at which properties are being sold.

The individuals behind Ledger Projects have indicated that whilst blockchain technology is mainly designed to do away with intermediaries in various sectors and industries, in the case of LP 01, the involvement of notaries was in actual fact paramount since the system depended on the information which is inputted by the notary in question thus utilising the “smart contracts” side of blockchain technology.

Blockchain explainer

A blockchain is a distributed database.  It comprises a list of ordered records called blocks.  Each block is linked to a previous block and is time stamped

A blockchain is a distributed database.  It comprises a list of ordered records called blocks.  Each block is linked to a previous block and is time stamped. Once users on the system enter into a transaction, it is recorded with its unique time stamp and is permanent.  Individual blocks cannot be deleted and are visible by anyone with access to the system. The data that has been saved to the blockchain is cryptologically safe and any attempt to modify a block’s content invalidates the unique references that place it in its position in the chain.

Smart contracts explainer

Smart contracts are codes that enable the self-execution and validation of data and transactions. When defined conditions are met the code is triggered. Smart contracts may, amongst other things, be used for real property and intellectual property transfers (including for digital rights management), capital markets trading and insurance claims processing.

Contact Be. Legal Advocates to find out more about the development of blockchain technology and smart contracts in Malta

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