Land Registration using Smart Lending Contract(SLC) in Blockchain
Current property registry method keeping the system unreliable, expensive and time taken. With blockchain coming to the forefront, a lot of shortcomings in the current systems can be resolved. It is very hard to keep all physical documents in one place and the security of the system is also questionable. Lending physical assets into any bank or other financial institutions take more time. The customer cannot lend the partial portion of the property after lending it to the bank, although the percentage of property value is very high compared to the requested loan value. Additionally, the customer cannot split the portion of the property at the end of the loan term, if he couldn't make it to close the loan for some reason. This paper provides a smart lending solution to overcome these issues and automate the asset transfer and lending process in a secure manner. A combination of Hierarchical Deterministic (HD) key generation and a multi-signature scheme is used in the proposed Blockchain Land Registry (BLR). HD algorithm is used to maintain the family member’s land ownership by the single-family head. The multi-signature scheme is used to digitally approve by multiple digital signatures in case of ownership shared with more than one person and to resolve inheritance rights issues in transfer processing. Smart Lending Contract (SLC) is designed to convert the agreed points into a line of codes and automate the property transfer and split with high visibility to the customer using Automatic Land Split (ALS).