A. In order to promote Blockchain Technology in India, Blockchain based Property Registration Management System (PRMS) was developed and deployed with support from MeitY and C-DAC Hyderabad. The aim of Blockchain based PRMS application is to curb the real-world challenges faced with property registration such as double registration, fake documents and insider threats using Blockchain Technology.
In India, Blockchain based Property Registration Management System (PRMS) is the first application of this kind which is implemented and deployed at Shamshabad district of Telangana State for storing the property registration details in tamper proof manner using Blockchain Technology. Multiple stakeholders from different departments may utilize the PRMS as a single source of truth for verifying the property details. Blockchain based PRMS was designed as an integration to the existing workflow of Property Registration application followed by Telangana Government. This strategy was applied to avoid re-developing the complete application from scratch which requires amendments to laws and acts.
Benefits
- PRMS provides following benefits and feature
- Immutability
- No property record transaction can be tampered or deleted post execution on the blockchain
- Fraudulent overtaking of a property will be significantly difficult and will leave an audit trail in case an attempt is made
- Trustworthy & Transparent system
- Property history and single source of truth from shared ledger ensures trustworthiness
- Users can view the relevant information ensuring privacy
- High availability and Resistant to Malware attacks
- Due to the decentralized networks, it does not have a single central point of failure and is better able to survive malicious attacks
- Reliable encumbrance search
- Ease to track a property to its origin
- Prevent frauds
- Avoids double registration
- Avoids fake document
- Avoids Insider attacks
- Provision is enabled to store the hash of the final registration document Proof-of-Existence Blockchain which helps to curb the fake registration document issues
- PRMS can be used as single source of truth by multiple stakeholders for the property details and thus building trust across known and untrusted entities with the distributed, tamper-evident and append-only database enabling verification of transactions.
