Land NFT Tokens (LandNFT) with LandOrc — The working proof of future Digitalization
In most countries, it has always been a challenge to access the land registry information that is stored offline by the regional authorities. Through blockchain technology (using non-fungible tokens), all these tedious processes of recording and maintaining titles can be shortened. This will eliminate middle men and offers greater transparency in business. Hence, the land registers should be moved on-chain. It will be possible to make present and future land documents to be visible, available, verifiable and sustainable in digital form. LandOrc platform is already moving towards this direction through their Land NFT Tokens.
Land ownership claims and titling can obstruct many development projects in many countries. Once the titles are verified and their integrity proof is stored in the blockchain registry, one can rely on the immutable transaction record and their ownership is assured. Many countries are already moving their land registries on blockchain networks. Examples being Vermont City in the US and Ukraine. It seems like a logical and inevitable step to use non-fungible tokens to represent real estate properties.
For LandOrc, their purpose is not to take up this heavy challenge of converting all land documents of a country and convert them into NFTs. They will be converting the documents that are collaterals of developers who are going to seek funding through LorcFinancing into LandNFT.
To explain more on NFT, a useful analogy would be real property. Think of NFT as a deed to a house. A deed is not the house itself, but a record of ownership of the house. In the same way, NFT is not the digital asset itself, but an electronic record representing ownership of the asset. That means owning an NFT does not necessarily mean that one owns the asset underlying the NFT. So, when the developers’ properties are converted to LandNFT, it doesn’t mean LandOrc owns the property that was collateralised.
When you purchase a house, the deed is recorded in an index kept at the local government’s office. We trust the clerk who recorded it to keep accurate records. Similarly, through LandNFT, the transaction is recorded in blockchain. We trust the blockchain because it is a distributed ledger, its entries are immutable, and there are billions of dollars riding on that immutability.
LandOrc merely holds the right to claim the ownership of the said NFT itself and the right to exclude others from claiming ownership of the NFT. In addition to that, they would have other legally binding agreement with the developers who seek funding, off-chain, through appointed SPVs [Special Purpose Vehicles] (local bodies or legal organisations of the respective countries) by LandOrc.
LorcNFT is an item that cannot be touched or held but has some level of value assigned to it. Like other personal property, it can, at least in theory, be bought, sold, gifted, bequeathed, mortgaged, used as collateral, and levied. When the developer settles his due based on the smart contract, the LorcNFTs attached to his collateral will be returned back. In case of payment default by the developers, LandOrc will have the rights over the NFT and also the property attached to it.
LandNFTs are connected and synchronized to the IPFS (Inter Planetary File System) database for storage of additional information on collateralized assets like owner information, periodic assessed valuations, GPS enabled visuals, local vicinity analysis, etc. In fact, those who are staking LORC tokens will be able to view these NFTs. LandNFT through LandOrc is indeed the working proof of future digitalization. They are having their private sale now with 3 months vesting. You can buy your LORC tokens through https://landorc.io/private-sale.html and be part of this future innovation in NFT.
Sources:
https://landorc.io/private-sale.html
https://entethalliance.org/wp-content/uploads/2019/05/EEA-Real-Estate-SIG-Use-Cases-May-2019.pdf
https://www.lexology.com/library/detail.aspx?g=d96ed012-8789-4e87-bc1d-70ba76569c0f
