Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management
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 efficien...
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| Format: | Article |
| Language: | English |
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IEEE
2024-01-01
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| Series: | IEEE Access |
| Subjects: | |
| Online Access: | https://ieeexplore.ieee.org/document/10497582/ |
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| author | Laila Junaid Kashif Bilal Junaid Shuja Abdullateef Oluwagbemiga Balogun Joel J. P. C. Rodrigues |
| author_facet | Laila Junaid Kashif Bilal Junaid Shuja Abdullateef Oluwagbemiga Balogun Joel J. P. C. Rodrigues |
| author_sort | Laila Junaid |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-04-24T06:42:28Z |
| format | Article |
| id | doaj.art-a757c8f48c1347eebf9028bee6ad3e88 |
| institution | Directory Open Access Journal |
| issn | 2169-3536 |
| language | English |
| last_indexed | 2024-04-24T06:42:28Z |
| publishDate | 2024-01-01 |
| publisher | IEEE |
| record_format | Article |
| series | IEEE Access |
| spelling | doaj.art-a757c8f48c1347eebf9028bee6ad3e882024-04-22T23:00:17ZengIEEEIEEE Access2169-35362024-01-0112540055401810.1109/ACCESS.2024.338824810497582Blockchain-Enabled Framework for Transparent Land Lease and Mortgage ManagementLaila Junaid0Kashif Bilal1https://orcid.org/0000-0002-4381-8094Junaid Shuja2https://orcid.org/0000-0003-0726-5311Abdullateef Oluwagbemiga Balogun3Joel J. P. C. Rodrigues4https://orcid.org/0000-0001-8657-3800Department of Computer Science, COMSATS University Islamabad, Abbottabad Campus, Abbottabad, PakistanDepartment of Computer Science, COMSATS University Islamabad, Abbottabad Campus, Abbottabad, PakistanAmazonas State University, Manaus, Amazonas, BrazilDepartment of Computer and Information Sciences, Universiti Teknologi PETRONAS, Seri Iskandar, MalaysiaAmazonas State University, Manaus, Amazonas, BrazilA 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.https://ieeexplore.ieee.org/document/10497582/Mortgagedistributed ledgerblockchaintransparency |
| spellingShingle | Laila Junaid Kashif Bilal Junaid Shuja Abdullateef Oluwagbemiga Balogun Joel J. P. C. Rodrigues Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management IEEE Access Mortgage distributed ledger blockchain transparency |
| title | Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management |
| title_full | Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management |
| title_fullStr | Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management |
| title_full_unstemmed | Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management |
| title_short | Blockchain-Enabled Framework for Transparent Land Lease and Mortgage Management |
| title_sort | blockchain enabled framework for transparent land lease and mortgage management |
| topic | Mortgage distributed ledger blockchain transparency |
| url | https://ieeexplore.ieee.org/document/10497582/ |
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