On December 13, Etherland unveiled a universal decentralized property identification code powered by the Ethereum blockchain. With the launch of Etherland’s Land ID token marketplace, the real estate revolution seems to have just started. The first milestone would be to connect real properties with the Digital Earth Metaverse.
By description, the Metaverse is a culmination of the Internet and the unlimited possibilities in virtual and augmented reality technologies. The Internet has brought a lot of information, services, and many other experiences online. However, there are more ways to explore, discover, deliver, and interact with everything on the Internet.
The Digital Earth Metaverse is a blockchain platform that aims to bring the real estate sector into the digital world. If successful, individuals and entities will have an opportunity to research and learn about any property of their choice and eliminate the middlemen in the transactions involved.
The efficiency associated with this Etherland technology makes many believe that it is just a matter of time before authorities and governments step in. Authorities may start to explore and harness the blockchain’s potential of a globalized blockchain property identification repertory.
Introducing blockchain technology to real land transactions means that nations’ land registries are looking for a fully functional blockchain register that covers the entire world. Blockchain technology has multiple features that offer efficient ways for the content to get stored in land registers.
It is highly critical that all of the information stored on a blockchain land registry system is kept updated. Implementation of a blockchain-supported global register for real estate has already reached the concept and prototype phase. However, it is yet to get implemented in production.
Some projects like Etherland are already working on Blockchain registries. The Swedish government is already registering real estate and land using blockchain. However, not many have managed to create a user friendly and decentralized registry that serves the entire world.
Tokenizing The Entire World
With such classification, every property in the entire world will soon have its localized and unique Land ID number. The code, integrated with Etherland’s blockchain using ERC721 Non-Fungible technology, will enable the identification of each property that exists on Earth.
Many ask why it is necessary to develop a Universal property code on the blockchain. Currently, in many places around the world, there is no official validation. In the places where the national cadasters exist, most of them lack transparency and accuracy.
The Universal Property comes in handy since it is fixed, permanent, immutable, and borderless. This code is an identification layer that is powered by the Ethereum Blockchain. It is connected to the Interplanetary Files System (IPFS) and Etherland’s NFT Blockchain.
Reports indicate that the platform will launch in January 2021 aiming to empower everyone to upload information content about places throughout the world. Anyone with access to the Etherland platform can become a contributor and even build content on it.
How Etherland Metaverse Works
Users do not need a map or documentation. Instead, with a property type, its description, and location, the code on its own will provide all the main information about the property. Thus, anyone can tokenize any place around the world and upload critical information that gets stored safely in the IPFS network, and it is accessible to everyone.
The code features a combination of numbers and letters. When a user wants to get a Land ID token for their property, they need to follow the simple steps provided to get the unique identification their property represents on Etherland’s Metaverse.
Some of the places that have already been tokenized include Versailles Castle, the Statue of Liberty, and the Eiffel Tower. Etherland kicked off the world’s tokenization process with these famous landmarks. All of these landmark places that are displayed on the Etherland marketplace, represented as collectibles, are readily tradable in a decentralized manner.
The Universal Property Cadaster
This cadaster comprises of the first letters of the country code, which are followed by the letters of the city code and other letters that correspond to the property type. All that is added by the number that corresponds to the order of tokenization in the marketplace. For instance, the Statue of Liberty:
Country: USA: US
Property Type: Landmark: L
Sub Property Type: Monument: M
City: New York: NYC
The tokenisation order: 1
Statue of Liberty number on Etherland’s Metaverse Cadaster is represented as US.L.M.NYC.1
Using the system, the team will develop a Land ID token on the Etherland Blockchain for the entire world and every property that exists globally. Billions of homes and business premises are expected to be affected by Etherland’s Property Identification System.
For now, the first tokens have already been minted. This marketplace is expected to open its doors to the entire world soon. If successful, the platform will eliminate the massive paperwork and many middlemen involved in real estate transactions.