LTO Network Partners With United Nations to Launch Blockchain-based Land Registry Solution
Blockchain platform LTO Network has announced its partnership with the United Nations to develop the world’s first open-source land registry. This information was revealed by LTO in a press release on December 2, 2020.
Blockchain Solution Part of UN ‘’City For All’’ Initiative
According to LTO Network, the open-source land registry solution will be launched in December 2020 in Central Asia. The development of the blockchain solution was part of the United Nations ‘’City for All’’ initiative launched in 2019.
The project intends to fast track the rebuilding process in Afghanistan and is part of the local government Urban National Priority program. The ‘’City for All’’ initiative intends to implement effective land management with clear land rights, restrictions, and responsibility.
It also consists of strategic urban planning with the aim of building an inclusive and prosperous urban future. While lastly, the initiative aims to improve municipal finance, governance, and citizen representation in the rebuilding process.
In September 2019, UNOICT and UN-Habitat signed a Memorandum of Understanding (MoU) to provide a framework of cooperation for the development of a digital land registry using emerging technology tools in support of the Government’s CFA program. LTO Network was collaborated to help build a blockchain-based solution that would support survey, registration, and documentation of properties.
Open Source Blockchain Solution
LTO Network further revealed that it will publish the source code for the verification tool in the UN public GitHub repo. This would allow for countries and cities to build their own document integrity verification tools. Since it is an open-source solution, it can be tweaked to fit the criteria of cities and organizations that want to deploy the solution.
Built on LTO live contracts, data can be automatically distributed to stakeholders and systems. Also, the blockchain solution enables efficient land registry transfers, tax automation, and other use cases. All this information is backed on the LTO blockchain which maintains its authenticity making it easy for regulators to enforce land rights as well as use such data in the resolution of land disputes.
The Afghanistan Government is the first to launch the new blockchain product and will create a land registry solution called GoLandRegistry. GoLandRegistry is expected to be able to handle over 2.5 million land documents that will be registered on blockchain. This will improve efficiency within the Afghan Ministry of Urban Development and Land and help maintain a registry of authentic and immutable property records.