Tokenization of Real Estate on Blockchain

This thesis presents research at the junction of law, governance, blockchain technology and real estate. The concept of real estate tokenization includes legal, technological, and organizational aspects. The research introduces a theory of a Title Token - a digital record of ownership on the blockchain. It is discussed the principle of technological neutrality, where the traditional land (property) registry is not necessarily abandoned in favor of blockchains, but instead, people gain the right to choose. The key output of this research is an architecture of the system presented as a cross-blockchain protocol designed to support free choice and transferability of assets across blockchains. Another important feature of the protocol is enforceability to address the constraint of the blockchain technology, i.e., the intolerance to retroactive transactions. To resolve disputes and other legal issues, the protocol provides a framework for smart laws and digital authorities. Among objects of interest were questions on the effectiveness of governance and bureaucracy, corruption, automation, fraud on the market, and the role of the government and other intermediaries in the protection of property rights and interests. The multilevel analysis undertaken in this thesis is a preliminary step towards making any policymaking suggestion. It also aims at delivering a solid ground for further research and experimentation. Such analysis aims to address the thorny issue of effectively applying emergent technologies to law and governance. The outcome is a set of reflections and conclusions for policymakers and researchers regarding the capabilities and limits of blockchain technology, wrapped into a consistent concept of improving the current system.