A Transparent and Trusted Property Registration System on Permissioned Blockchain

Abstract

Performing various transactions on real estate records in the government organization is a cumbersome task and has many pitfalls. There are a number of problems with the existing land registry systems. First, the process of land registry and transferring of a land is currently manual. Even though, some of the processes and records are digitized, however, it still has many problems, such as, it is developed on a centralized system, it cannot maintain the complete history of the land and it does not have a built-in mechanism for record tempering detection. To overcome these problems there is no viable solution based on a centralized system. The decentralized systems, such as, Blockchain comes built-in with this feature. In this proposal, aforementioned problems are addressed. The lands are registered over Blockchain network by designing a smart contract. The proposed studies can provide several features to the stakeholders including efficiency, transparency, trustworthiness, integrity for various entities and processes involved in buying and selling a property. Essentially the framework offers services that will provide a detailed history and untampered information regarding a property to ensure that the record is not manipulated. There is an external link available via Restful to the traditional property dealing apps so they can extract the real-time record of the land, such as, dimension, location, price of that specific land. The proposed system will ultimately safeguard confidence in doing real estate business over the Internet.