A Blockchain-Based Approach to Streamlining Land Registration using Hyperledger Fabric

Abstract

A broker creates a connection between the buyer and seller under India's traditional land registration system. For instance, the broker would compile and gather all essential physical paperwork that serves as evidence of the transaction if someone wanted to buy or sell a piece of land. Brokers ensure that the land or property is registered with a legitimate government institution, where all the information is entered in a ledger, and that the full transaction is finalized after which, a sale is made between the two parties. Since anyone with the necessary access rights can readily view or change the papers in this situation, there is a chance that the important documents will be lost or tampered with, thereby endangering the tangible proof of ownership. The process is still largely physical with less digitization and as a result, this sort of system is slow, insecure, and unorganized. In this traditional method, the risk of corruption and fraud during the execution of the necessary transaction is also high. Hence, a new system has been proposed which uses smart contracts to handle transactions of assets among the participants in the network. It has been proposed to implement a permissioned blockchain-based land registration system on Hyperledger Fabric, which enables a decentralised, transparent, and secure way to conduct transactions between the parties. The old method has been examined and analysed while also considering that blockchain technology enables improved transparency, Integrity maintenance, and portability.