Property law experts at Australia’s Royal Melbourne Institute of Technology (RMIT) have reported that blockchain technology can potentially open new opportunities for countries that do not yet possess adequate land registration and transfer systems.
Research indicates that the technology can ensure greater legal security, as well as contribute to the economic and social development of nations with limited land management systems.
Additionally, researchers at RMIT’s School of Property, Construction and Project Management are studying how blockchain can be especially useful in the event of natural disasters, conflict, or corruption, both at the regional and national levels.
The technology’s distributed ledger system can feasibly allow for land title ownerships and transactions to be verified and securely recorded, given the immutable and transparent nature of blockchain networks.
The researchers also worked with global industry leaders to study the potential of blockchain technology in areas of identity management, taxation, and urban crisis management. Because data can be shared directly with relevant users, it can allow for more rapid responses than if it needed to be relayed to a central authority.
Blockchain can also serve as the foundation for technologies, such as Internet of Things (IoT) and artificial intelligence (AI).
The university recently announced a collaboration with an aged care provider to develop wearable devices that track user conversations. Such devices can track an elderly person’s status and alert family members or caretakers when necessary.
RMIT researchers are looking specifically into how such technology can help improve the quality of life for Australian senior citizens, who are at risk of loneliness or social isolation.
Health risks from loneliness or isolation include disrupted sleep, high blood pressure, depression, and compromised immune responses.
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