This Article explores the current framework for recording property ownership and looks ahead to opportunities and challenges presented by emerging technologies. It further explores the potential applications of blockchain technology to real estate transfers, including tokenization and Non-Fungible Tokens (NFTs). First, this Article describes blockchain technology and some of its key characteristics, such as immutability and transparency, by analogizing to familiar legal processes in order to provide legal scholars with an accessible description of the often used, rarely defined term. It then provides an overview of the predominant land recording systems used worldwide, highlighting countries that have made great progress in implementing technology-based systems, as well as others that continue to face complex challenges unsolvable even with the most advanced technology. Finally, the Article explores opportunities to change the architecture of real estate transactions through tokenization and NFTs. Real estate, initially considered an ideal use case for tokenization, has proven to be a stubbornly illiquid asset, as the industry has been slow to adopt blockchain-based solutions. As the market evolves, tokenization will advance towards its promise of decreasing paperwork and bureaucracy, while increasing transparency. Perhaps of greater impact, tokenization provides a mechanism to divide real estate ownership into numerous fractional shares, making ownership more affordable for potential investors who would otherwise be priced out of the market. Thus, tokenization has potential to create accessible pathways to wealth creation and democratize access to an asset class formerly available only to the wealthiest investors.
