Keeping track of who owns what pieces of land is still a low-tech affair, involving mountains of hand-signed documents, envelopes, and couriers. That is if a country is lucky enough to have a functioning land registry—the World Bank estimates that 70% of the world's population lacks access to land titling. Getting everyone to agree on every stage of a property transaction, and to record it permanently somewhere, is a feat of security, coordination, and trust. SonoCoin solution:
The SonoCoin blockchain solution is a digital registry that can't be tampered with. It provides a mechanism for various parties to agree on a set of facts. It prevents those parties from making false statements since everyone else can check the facts; it also prevents statements from being changed after they've been recorded, since all parties are alerted to these changes. The system operates on a permissioned blockchain, allowing the land authority and others, like the banks, holding copies of the records to take part. When a land title changes hands, each step of the process is verified and recorded on the blockchain. The system acts as a highly secure and transparent verification and storage service for property transactions.