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Blockchain’s Unsuitability for Real Property Transactions

This paper attempts to bypass the hyperbole that invariably attends any discussion of the blockchain concept, and focus on its suitability for transfer of high-net-worth items which have a unique identity, or a long shelf life. 
 
Real property falls within this classification. As recognised by the World Bank, a stable land tenure system is a necessary ingredient for economic development. Clearly, such a system should not be introduced for such a significant transactional area as land without a proper understanding of the ‘real life’ implications of how it will work. 
 
This article concludes that the blockchain concept is, at heart, no more than a medium for transfer of value without third-party intervention. It undoubtedly has its uses, but it is unsuited for transactions of many high-value or unique assets that do not have a limited shelf life. The blockchain construct (at least in terms of what is called its ‘coloured coin’ application) fails to address issues such as the need for independent third-party verification and control of transactions. 
 
For ease of reference, the following discussion is separated into sections. Section 1 introduces the blockchain construct, and discusses what makes a system a ‘blockchain’ system. Section 2 applies the blockchain construct to transfer of tangible and intangible property rights at common law, enabling us to understand issues that emerge in terms of introduction of a credible system. Section 3 develops this discussion in terms of a registry for transfer of real property rights under a common law system. This enables us in Section 4 to better understand the verification and control problems that emerge. Finally, in Section 5, the issues of risk and liability through implementation of a blockchain system are raised for discussion.