Overview / Usage

Immovable properties are the origin of sustenance. In India, the real estate industry is seemingly moving towards a peak due to the emergence of industries, educational institutions, hospitals, and other infrastructural developments. Frauds in the registration of immovable properties and the sum of money involved in related transactions have also been expanding in parallel, rather than diminishing. Computerization has been introduced by the government in the land and property registration system to streamline the process of land administration. Land administration encompasses recording, processing, and dissemination of land information such as ownership, value, and use of land. The above-mentioned information are essential to ensure the authenticity of the property. However, currently, there are several threats to this process. Duplicate documents being used for ownership transfer, power of attorneys being given to multiple people which lead to multiple registrations of the same property, false proofs produced for selling the properties, unauthentic approvals, etc., are some of the major issues faced. In case of such forged registrations, the owner of the properties does not even get a hint of their property being transferred to another person. This leads to loss of money, property and time to sort these disputes in court. These could be solved using proper use of technologies and blockchain is one such technology that can provide an effective solution for these problems. Since blockchain is a distributed and immutable ledger, the peers (seller, buyer, and concerned authorities) get the redundant copy of the ledger which has all the transactions involved. In case of any transaction over the property, the concerned people would be notified immediately. This might allow the owners to take the necessary action as the property sold can be reclaimed before a duration of 90 days legally.

Methodology / Approach

We used Blockchain and Android Combo. Please have a look @ https://youtu.be/8S3S1xi0cJo

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Technologies Used

Hyperledger

Android