Real estate data will be registered in a blockchain in Spain

The College of Registrars of Spain has announced that it will be part of the creation of a decentralized application based on blockchain technology in which data relating to the properties they manage will be recorded. At the moment it is unknown if there will be a commitment to the creation and development of a new blockchain; or if, on the contrary, an existing one like Ethereum will be used.

The blockchain will store the «Building Book»; a document that developers give to residents of a property; and which includes technical information about the home; and also the instructions related to its care and maintenance.

Thanks to this initiative, as this entity assures through a statement, it will make it possible for any user to access the document stored by the Property Registry. Furthermore, this can be done from anywhere on the planet, without having to resort to a traditional paper method. In this way it will be possible to take advantage of technology to simplify all these processes.

Using a blockchain for this type of procedure has the great advantage that we can be certain that we are dealing with true and unadulterated information. Furthermore, nothing will need to be deleted either, as this is one of the basic principles on which information is stored in the blockchain.

From the College of Registrars indicate that the project is based «on the collaboration of the registrars through the Bienvenido Oliver Chair, and the Department of Basic Legal Disciplines of the University of La Laguna, within the framework of the Research Project Current Challenges of the Property Registry: Blockchain and Data Protection.»

Blockchain technology in Spain

This new initiative carried out by the College of Registrars is not the first of its kind to take place in Spain. For some time now, different entities and companies have begun to explore blockchain technology; and also its possible applications in the public realm. What’s more, organizations like the Community of Madrid have already done your investments in researching its possible applications.

In this particular case, the development of companies that help the digital transformation of the capital of Spain will be sought. The Madrid authorities have insisted that this will favor employment; and at the same time it will improve the level of digital knowledge on the part of its citizens.

Blockchain technology has numerous benefits, which makes it not surprising that more and more entities and agents are betting on it. Some of them are:

• The data cannot be faked, so once the transaction data has been dumped, it cannot be deleted or falsified.
• Information is never lost. Although the network may go down, thanks to blockchain technology the information or service will not be lost and will continue to function. To do this, it would be enough for one of the blockchain nodes not to go down.
• Offers a user anonymity, something that more and more users are looking for on the internet. In this way, the privacy of those who access the information is favored.
• This technology offers a faster access speed. The fact of dispensing with central authorities or intermediaries makes all the information available to all Internet participants at a moment’s notice. The data transmission process is simplified; and this at the same time makes the data transmitted quickly.