POSSIBILITY OF LAND OWNERSHIP TRANSACTION WITH NON-FUNGIBLE TOKEN TECHNOLOGY: MINTING SURVEY PLAN

Abstract

The blockchain technology is as a new technology in vogue that is virtually getting a swift application in most important art world transactions. This is due to its public distributed, transparent, accountable, traceable and safe, ledger database, also is the advantage to secure a successful transaction without a third party. As the world keeps growing in the knowledge and the adoption of the technology, it is very important to practically explore the opportunities in this technology to combat the security and copyright problems facing land ownership transactions in the Cadastre system. The assumption to be verified is the possibility of practically minting Registrable instrument (like survey plan) for transaction on blockchain networks for a safe, secured, and publicly transparent land ownership transaction. The aim and objective of this paper is to attempt land ownership transaction with non-fungible token blockchain technology. This was performed by minting survey plans template into Non-Fungible Token. Two blockchains (Solana and CORE blockchains) were considered to show the possibility of adopting the technology in land administration and ownership systems. The selection was based on their flexibility, Scalability and the potentials to solve the trilemma blockchain problems. A survey plan template called DEMO (no real) was created for this purpose. Transactions on the FONE network Art NFT marketplace built on Solana blockchain was examined while an art NFT of survey plan template was minted on the Youngparrot NFT marketplace built on CORE blockchain. The transactions were completed and available on the public blockchain ledger. Due to the advantages of the blockchain technology in solving the long time problem of land transaction security in Land Administration system, this paper urges the consideration to take advantage of the possibilities and positivity of the technology in Land Administration sector and land ownership system and also provides steps to achieving its successful adoption. In addition, this is not a financial advice but a research work.

Keywords

• Survey Plan
• Art Non-Fungible Token
• Land Ownership Transaction
• CORE Blockchain
• YoungParrot.