Paper Key : IRJ************752
Author: Aman Kumar Verma,Aniket Singh
Date Published: 12 Apr 2024
Abstract
Land registry system refers to the system that records the details of ownership entitlement by several government bodies. The stored record can be used as the proof on entitlement and avoid any kind of fraud and smooth transition whenever required. In India, We are currently using a system where we write all this information on paper, which can be a bit old-fashioned as well as less secure, this way of doing things has many problems like if you ever need to find information about a piece of land in the future, it can be really hard and time-consuming.The current land registration process involves a lot of vulnerabilities and people uses it to cheat the common people and the government. This paper discusses about a secure land registry implemented using blockchain which will work on the basis of majority consensus. By implementing the land registry in blockchain, the security issue is resolved to a great extent. The hash value calculated for each block will be unique as it is linked to the hash of the previous block. The algorithm that is used for hashing is SHA256. Along with SHA256, Proof Of Work (PoW) algorithm is also used which makes the information related to each transaction more secure. By implementing land registry using blockchain we are addressing some of the challenges involved in data collection and storage, data confidentiality, authenticity of ownership details regarding source of money. It also incorporates the details regarding the funds provided by the financial institutions and the customers involved in land transactions likebanker details and insurance providers. Details regarding the quantity of land purchased by a person or an enterprise is incorporated in to the block chain. It also includes representation of previous transaction details, information regarding financial institutions, protection of collected data, fault tolerance without data loss and details about how to represent previous attributes. Maintaining land registry records is a tedious task. The process of referring back to all the transactions made from a land registry ledger is again a time consuming process. The illegal practices prominent in our society puts the integrity of data stored in the blockchain network under question. These issues have served as a source of motivation to innovate the land record maintenance.The primary objective of this paper is to explore the potential of blockchain Technology in land registration , with a focus on how it can prevent frauds, store land ownership records and facilitate ownership transfer through blockchain algorithms and with smart contracts .
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