Rosreestr will strengthen the protection of real estate transactions using blockchain

Rosreestr will strengthen the protection of real estate transactions using blockchain

At the same time, blockchain technology will not replace the record in the USRN, but will be used for additional protection of applicants. This was reported to BitCryptoNews in the press service of Rosreestr. 

Distributed ledger technology is being tested now in the Leningrad region. It is used to register equity participation agreements. Since February, 250 such agreements have already been registered..     

For applicants, the new technology will provide additional protection for their transactions. For example, data loss between Rosreestr and the Fund protection equity holders will be impossible, even if there is no communication between organizations. In this case, the ability to work with data will be possible without a connection. The use of technology allows Rosreestr to receive information about the payment of an insurance premium by the developer, and the Fund — registration information for preschool education in just 7 seconds. It is 10 times faster than the usual data exchange mechanism. 

The decision to extend blockchain technology to the entire country will be made as a result of an analysis of the application of this technology in the pilot region. At the same time, the implementation of blockchain in the field of real estate registration in Russia is carried out in stages without changing the regulatory framework. In particular, as the technology is mastered and the issues that arise in practice, the methodological basis for using the blockchain will also be improved..

In the Leningrad Region, Rosreestr is implementing a project jointly with DOM.RF (previously – AHML) and Vnesheconombank. Within the framework of the project, the blockchain solution is used in the interaction of the department and a public law company «Foundation for the Protection of Citizens’ Rights — participants in shared construction».

RCD Testing- Additional Protection – Basic & Fault Protection

Sergey Gabov examines the prospects of distributed ledger technology in real estate. 

Rosreestr will strengthen the protection of real estate transactions using blockchain

photo: Unsplash

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