Firm launches global property register for land titles, others
A property management company, Millennium True Ventures UK Limited, has said it plans to launch a technology called Global Property Register intended to revolutionise the way land and property inheritance and administration works around the world. The company said the system also incorporated artificial intelligence and GIS Geographic Information System (GIS) and that a future […]
A property management company, Millennium True Ventures UK Limited, has said it plans to launch a technology called Global Property Register intended to revolutionise the way land and property inheritance and administration works around the world.
The company said the system also incorporated artificial intelligence and GIS Geographic Information System (GIS) and that a future version would include features like Global Positioning System (GPS).
The company, in a statement, said the technology “presents an innovative, decentralised system where people will be able to enter their land registration information. This will prevent any other entity from claiming that property. In case a property registered on the platform goes uncontested, and following the required legal procedure, it will be assumed that they are the legitimate owner. Once titles are registered in this manner, ownership can be proven, and a whole host of options become available,” it said.
“This will be the first and only land/real estate registry in the world to achieve this.
“While in many countries there is no central way, in others there are very expensive means to claim a title for your own property. In some countries, the poor are exploited by the rich who claim rights on lands and property by hiring lawyers and affording expensive documentation. It is important for a property owner to prove that they’re the owner or they can’t pass it on as an inheritance easily. In addition to this, when using the property as a collateral for a loan, the person will need to prove to the lender that they are the real owners,” it said.