Modernization of land registry by adapting blockchain with Proof-of-Work (PoW)
Abstract
All over the world land registry is a big problem which needs to be addressed. In
order to bring this process in a more secured and trusted state, a systematic way
has to be implemented. To eradicate the issue, blockchain can play a vital role.
Blockchain is a revolutionary technology which has emerged recently. It is well
known for its broad implication for securing and authenticating data at a unique
way. In this paper a new system has been proposed which will bring the land registry
system in a process where every transaction will be recorded within a new block.
This block will be created through a selected miner. The miner selection will be
done through a consensus algorithm known as Proof-of-Work. All the blocks will be
connected with each other with the help of the hash of previous block. This will not
only make the connection between two blocks but also make the system more secure
and reliable. This hash code will be generated using SHA256 hashing algorithm with
the help of Elliptic Curve Digital Signature Algorithm. This distributed ledger will
keep track of land ownership. The system will keep track of any ownership changes
in the ledger. There will be option for purchasing of land directly in the system so
that no need of any third party transection. When all the requirement is met, the
transaction will be enlisted and new chain will get distributed among all the nodes.
As long as digital signature of a chain of the nodes matches with more than 50%
of other chains of other nodes, it is accepted and kept. Whenever a version of the
chain with different digital signature emerged in the system, it will be rejected after
the checking is completed. This will prevent any manipulation and fraud attempt
by unauthorized entity. Based on these, the paper will show a demonstration of a
modernized system which can solve existing problems in land registry sector with
the help of blockchain technology.