Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management

Junaid, L. and Bilal, K. and Shuja, J. and Balogun, A.O. and Rodrigues, J.J.P.C. (2024) Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management. IEEE Access, 12. pp. 54005-54018. ISSN 21693536

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Abstract

A land administration system (LAS) is a structured framework designed to govern the management of land resources in a specific region or country. However, LAS faces challenges like inefficiencies, a lack of transparency, and susceptibility to fraud. The digitization of land records improved efficiency but failed to address manipulation, centralized databases, and double-spending issues. Traditional lease and mortgage management systems also suffer from complexity, errors, and a lack of real-time validation. At present, a significant influx of land transactions produces substantial data, classifiable as big data due to constant minute-to-minute occurrences like land transfers, acquisitions, document verification, and leasing/mortgaging transactions. In this context, we present a Blockchain-driven system that not only tackles alteration and double-spending issues in traditional systems but also implements distributed data management. Current state-of-the-art solutions do not fully incorporate crucial features of Blockchain, such as transparency, prevention of double-spending, auditability, immutability, and user participation. To tackle this problem, this research introduces a comprehensive Blockchain-powered framework for lease and mortgage management, addressing transparency, user involvement, and double-spending prevention. Unlike existing solutions, our framework integrates key Blockchain characteristics for a holistic approach. Through practical use cases involving property owners, banks, and financial institutions, we establish a secure, distributed, and transparent method for property financing. We verify the system by employing smart contracts and assess the cost and security parameters while validating the blockchain-based mortgage and lease functions. © 2013 IEEE.

Item Type: Article
Additional Information: cited By 0
Uncontrolled Keywords: Big data; Blockchain; Crime; Distributed ledger; Information management; Interactive computer systems; Transparency, Block-chain; Fraud; Government; Loan and mortgage; Mortgage; Real - Time system; Security; Stakeholder; User involvement, Real time systems
Depositing User: Mr Ahmad Suhairi UTP
Date Deposited: 04 Jun 2024 14:19
Last Modified: 04 Jun 2024 14:19
URI: https://khub.utp.edu.my/scholars/id/eprint/20064

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