Blockchain based Real-Estate Management System


EOI: 10.11242/viva-tech.01.05.135

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Citation

Mr. Chirag Patil, Mr. Devesh Patil, Mr. Shubham Kore, Ms. Sunita Naik"Blockchain based Real-Estate Management System", VIVA-IJRI Volume 1, Issue 5, Article 135, pp. 1-6, 2022. Published by Computer Engineering Department, VIVA Institute of Technology, Virar, India.

Abstract

In India registering a property is a very time consuming process which involves middlemen brokers, time delays and human errors which increases the risk of fraudulent cases. These problems can be eliminated by the usage of Blockchain Technology for Land Registry Management in India. Blockchain Technology has a very useful role in the Land Registration Process because of the various security and immutability features it offers as well as it removes the middlemen involved in the process of land registry. The irreversible and non-hackable attributes of a blockchain are useful to implement Blockchain solutions in the Land Registry Process. By utilizing digital signatures in all stages of land registry, the total time of doing a deal is reduced from several months to few days. The implementation of smart contracts would quicken up the process by automatically updating the ledger, instead of buyers having to transfer ownership through an application form. Blockchain can also solve problems which are present in the current centralized system which can provide an easy and secure way to store and retrieve the property papers and also notify the owner if anyone is trying to conduct fraud practices.

Keywords

Blockchain, Land Registry, ledger, centralized, middlemen, smart contracts.

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