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Distributed Ledger Technology based Property Transaction System with Support for IoT Devices
Abstract
Blockchain-based distributed ledger technology (DLT) is transforming the existing operational models of economy, financial transactions and other government machineries so as to allow these to operate in a much more secure and decentralized manner. This research focuses on providing framework for decentralized and secure P2P infrastructure for handling e-stamp and property registration mechanism along with interface for verification of document originality. The proposed efficient consensus mechanism reduces the overhead of broadcasting a new block by more than 50% coupled with saving CPU computation power along with network bandwidth. To ensure that even people at remote locations with constrained resources are able to participate and harness these benefits, a cloud server architecture & web interface for verification of property registered deed is also proposed.
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