The next problem faced by the real estate sector is that the regulations over the real estate are not transparent and not adequately visible to all the parties. This has always been a problem with the real estate, that the land owners are not able to understand what kind of regulations are required for their properties. The solution to such a problem is the creation of a public blockchain for listing out all the regulations for the real estate, all the regulations will be available as a transparent source of truth for every party in the value chain. Regulations can be put on the ledger as a transaction, and then broadcasted to all the parties. This solution also maintains the ease of transparency for considering the cost and timelines associated with regulations and compliances. This kind of blockchain will help us in creating transparent regulations, which are suited for all the parties involved.
Moreover, jurisdictions will also benefit from one single source of truth for regulatory compliances of real estate. This will solve the problems related to the land disputes arising in the developing nations. Now let's visualize this use case with the help of a diagram. As you can see in the diagram, we have a business unit available, which is providing the resources to the regulatory field. This business unit can be government or an enterprise available for developing compliances for the real estate industries compliances through the business unit, are reviewed by the law experts and access for the risks and the business impact. Once everything is approved, the compliances details are stored as a transaction over the blockchain.
The blockchain provides the details Of all the compliances required, such as ownership, assessment, risk, impact, and legal terms through permissions. Finally, we can have reporting facilities available from the blockchain, which will directly provide the compliance reports to business units and experts. We can also have the feedback through the reports where the business unit can change or update the compliances as required for the provision of maximum efficiency.