Mapping the Bounds for Integration of Blockchain Titles in a Torrens System

Abstract

  As land becomes increasingly expensive in Australia fewer people can afford it, with consequences for wealth distribution and housing. Real estate, in particular the family home, has formed a foundation for Australians’ wealth over many decades, but the possibility of home ownership has been deteriorating in recent years. Alternative proposals for property investment include issuing fractions of land title on blockchain with parallel registration in the land registry. While such proposals are technically feasible, they are silent as to the means of integrating the blockchain ledger with the land administration system. As the land administration system comprises multiple statutory processes, this article uses the Queensland system as a case study, to analyse the relevant statutes in terms of the integration of a fractionalised blockchain titles system. The aim is to identify the law reform necessary to achieve a high level of integration of fractionalised land titles on a blockchain, within an existing land administration system — without detracting from the policy goals of that system.