Blockchain based System for Secure Property Registration
Nishu Mehta, Rinkle Rani, Nidhi Kalra · 2023
The procedure of registering a property involves paying stamp duty, and registering the sales deed for the property you have purchased. Property registration is done at the office of the sub-registrar who has jurisdiction over the area in which you purchased it. Land/property registration is a long process necessitating numerous paper checks, in-person meetings, and cash exchanges, which results in significant delays and is both time- and money-consuming. In India, currently government is practicing the paper-based land registration system which raises significant problems like high time intricacy, centralized authority, physical visit to property site for authentication, high cost of transactions, proneness to human error, frauds involving property documents, lack of communication, third-party participation, ineffectiveness, timing issues and issue with ownership. These issues are getting worse every day; hence the registry procedure system needs to be improved. In this study, to overcome such challenges we will develop a tamper-proof, fraud-resistant, automated Blockchain - based system to create, issue, securely store, share and verify the Land Registration Records. The proposed system will also provide a digital locker all the stakeholders for keeping land record certificates. All the actions taken by different entities involved in the land record registration will be time-stamped, verified by the different nodes, and stored as a block which has a unique hash value, so that neither the hackers/spammers nor the insiders can issue a counterfeit certificate on a later date or modify/tamper the original certificate.