Idea: Recording of land ownership and leasing
The following is a brief description that seeks to explain the intended process using NEM’s unique approach:
– First, a land owner would have to post his available pieces of land for leasing on the web app. Land is represented as mosaics on the blockchain as it is considered customisable and exchangeable. These mosaics would be under created namespaces for each land owner.
– A farmer looking to lease land would then pick an available plot of land for lease and put in a request.
– The land owner accepts the request and an invoice for payment will be automatically generated and submitted to the farmer for payment.
– The transfer of funds from the farmer to the land owner utilises a multi-sig transaction to enforce an escrow type transaction.
– After the funds have been received, the app generates a lease agreement and subsequently notarises it using Apostille. This lease agreement is then sent to the farmer who can confirm its vailidity through the block explorer. Upon lapsing of the lease period, it will subsequently expire.