Physical land around most countries in the world raises conflict and disputes given the improper positioning and inaccurate information on registered properties. Additionally, businesses and real estate owners are affected by the lack of information transparency and clear visibility of properties, which is a key issue in sub-dividing and ownership of physical land.
In light of the current global problems facing the registration of physical land, Etherland, an Ethereum based decentralized solution, is building a solution to change the opaque, obsolete, and disconnected real estate market to “positively impact billions of properties across the globe.”
Having launched the world’s first global Estatepedia (a Wikipedia for real estate), built on Ethereum, Etherland is aiming to change the real estate industry by introducing immutable property identification management. This is actualized by switching the traditional paper-based records into unique, immutable, and decentralized ERC-721 tokens on the Interplanetary File System (IPFS). These tokens are exchangeable with the native ELAND cryptocurrency.
The ERC 721 tokens are non-fungible (unique) stored in a smart contract – they are also used to create NFTs. These tokens will enable the real estate owners to have a unique record of their parcel of land and properties, built on a trustless and immutable layer of data.
“The Etherland platform is a combination of interoperable technologies connecting the digital data of internet users with our physical world,” Etherland World website reads.
Etherland World also contains its Estatepedia, a verified list of places around the globe, which connects estates across the world enabling the creation, ownership, and storage of information regarding real land parcels.
So how is real land data recorded on Etherland?
The platform leverages the decentralized IPFS system to ensure that “uploaded information will remain accessible at any time by anyone” without the dangers of censorship. This ensures the system remains up-to-date and “takes care of the information’s persistence”. Etherland blockchain is the approval layer of the owner’s land or property ensuring the information is immutable and has a full history of the ownership changes.
“Our goal is to introduce existing innovative technological solutions such as Blockchain, IPFS, and Augmented Reality into a web platform and a mobile application in order to enhance every world place’s accessibility, visibility, and transparency,” a statement from Etherland team reads.
At the center of the Etherland innovations is the Land ID token, or Land Identification, a token that allows real landowners to digitize their property and land on the platform. This gives holders of Land ID tokens the power to own and exchange the tokens on the Etherland World Metaverse. Any landowner wishing to digitize their land will need to provide real documents of ownership and personal identification to achieve the “Verified” status level.
This gives them an extra layer of protection of ownership, which will be important in the future as more countries and governments accept blockchain’s advantages in record keeping.
Etherland also launched an augmented reality (AR) mobile app that gives users an opportunity to earn LAND ID and some NFT land parcels on the platform. The LAND ID tokens and NFTs are sent to the user’s wallet giving them unique opportunities to own some of the rarest “NFT of places hidden on the World Metaverse map”. The app is similar to the Pokémon Go app, which allows you to tap on your phone to collect coins and land parcels stored on NFTs.
The app launched on Google Play Store in April with the iOS app still in the works.