Distributed Ledger Technology-based land transaction system with trusted nodes consensus mechanism

Abstract

Blockchain technology is an emerging solution to various financial applications that require a secure and tamper-proof transactions system. One such application is the land registry. Management of transactions for land registration is a tedious task. It is highly insecure and subject to forgery land records, Issues in verification, mediators, etc. This article presents a scalable and novel property/land registration framework based on blockchain technology. The transparent and immutable nature of blockchain technology makes it reliable for intrusive and fraudulent land registration activities. The framework uses the InterPlanetary File System (IPFS), a Peer-to-Peer (P2P) swarm network. It allows the sharing and storing of data in an efficient, decentralized, and transparent manner. This article also proposes a Trusted Node Consensus Algorithm (TNCA) based on the miners' trust value that minimizes the computational overhead of broadcasting the new block. The proposed approach - trusted node consensus algorithm requires lesser time to add the block into the blockchain, and message exchange per consensus is 58.94% lesser than the traditional Proof-of-Work (PoW) approach and 26.44% lesser time than the existing load-balanced method.

Keywords

• Blockchain
• Peer-To-Peer computing
• InterPlanetary File System
• Distributed Ledger Technology
• Property transaction system
• Consensus mechanism