Possibility of land ownership transaction with non-fungible token technology: Minting survey plan.

Ilesanmi, Kolawole Samuel; Idowu, Timothy Oluwadare

Context and background: 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. Goal and Objectives: The goal of this paper is to practically access the possibility of engaging the blockchain technology in land administration and ownership systems while the objective is to convert legal instrument(s) into cryptographic readable data. Methodology: This was done 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. Results: The transactions were completed and the survey plan was successfully minted on the Core blockchain. the minting and transaction records are available and can be traced on the public blockchain ledger. Due to this advantage, 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.

LAND tenure; NON-fungible tokens; BLOCKCHAINS; SURVEYS; CRYPTOGRAPHY

African Journal on Land Policy & Geospatial Sciences, 2024, Vol 7, Issue 2, p488

2657-2664

Academic Journal

10.48346/IMIST.PRSM/ajlp-gs.v7i2.41704