Securing Land Registration using Blockchain
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 works on the basis of majority consensus. By implementing the land registry in magic loan what is a 1 hour loan, 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. Message digest that is generated for each block is of fixed size and each hash represents a complete set of transaction within a given block. The proposed land registry blockchain network consists of 12 nodes which calculates the proof of work. Nodes are responsible for verifying a transaction, mining a new block and adding the new block to the blockchain. A total of 200 land transactions are recorded using the blockchain methodology which offers a tamper proof and updated version of land registry. Elliptic curve cryptographic algorithm is used for signature generation which is used for verifying whether the transaction is signed by the owner or not. Merkle tree is used for linking the transactions using hash and in turn reduces the disk usage. The proposed implementation of land registry using blockchain thus offers a 99% reduction in manual effort spent in record keeping.