BlockChain to Prevent Fraudulent Activities: Buying and Selling Property Using BlockChain
Dipika Bhanushali, Akshara Koul, Sainiranjan Sharma, Bushra Shaikh
Abstract
Blockchain can have umpteen number of uses, one of them being its use in Real Estate. Blockchain and Real Estate go hand in hand. The kind of security and transparency needed in Real Estate is exceptionally provided by Blockchain. Consider a scenario where you buy a house. The proof that the property is owned by you is the deed or an agreement signed by the government which is physically present on a piece of paper and the records maintained by the government in the ledger. The procedure to this is simple; you buy the house, get it registered at the government office where they note it down in a register/ledger and you’ve got yourself a house. If the page in which your name is registered is torn or damaged, you might still own the house but apart from the deed, there will be no other concrete proof that the house is owned by you. So, you need to hope that you don’t lose the deed or someone doesn’t damage or misplace the government ledger. That’s the kind of guarantee you have. We propose a system which will help us to solve this problem. Suppose you wish to buy or sell property, you can provide the requirements asked for by the smart contract and get yourself a deed digitally which is uploaded as a new block in the chain. The copy of each node will be present on several servers which helps us to maintain integrity in the case of an attack or system failure.