Current Senario

Mode of transfer of property in India

Property ownership can be transferred in two ways:

• Voluntary Transfer
• Involuntary Transfer

At the point when the owner of property transfers it willingly, it is voluntary transfer. It might be done in following ways:

(i) for consideration e.g. by mortgage, sale, lease or exchange,
(ii) by gift, and
(iii) by will

Involuntary transfer OR Involuntary Alienation happens when the court attaches the property of a person. This mode may likewise alienate the assets of the joint family or undivided interest of a co-partner in such estate.

5 Different ways of acquiring or transferring Real Estate Assets

 

1. Through inheritance or WILL
2. Through relinquishment of the property in a land
3. Through SETTLEMENT Or Partition of Properties
4. Through GIFTS
5. By purchasing the ownership of the property

Problem

• Land Ownership Disputes
• Zero Transparency in System
• Manual Procedure

Is Land acquisition really a big problem in India?

Manual Procedure

Very cumbersome process and had critical offline dependency

Data to verify

About 18 documents are needed to transfer land ownership

Blockchain as solution

Blockchain: High level Definition

Blockchain can be viewed as distributed redundant database on which data can be written but can not be edited. Any accepted action done on blockchain remain on it virtually forever.

Distribution  is the key

Blockchain basically rely on distribution of  trust in network, i.e. to corrupt a data in blockchain, hacker need to corrupt more than 50% of copy of data hosted in blockchain network.

Blockchain Features

• Highly secure if implemented correctly
• Low maintenance
• Completly transparent
• Highly scalable
• Highly agile
• Can hold turing complete logics

Blockchain network act as body which can

• issue token
• maintain ledger
• audit account
• make any contract

Block

Chain

Network

Block

A block in a blockchain is a part of ledger(collection of transactions) with some meta data.

Chain

Each block has a metadata which contain hash code of previous block, any change in block content will change the hash code hence don't match with metadata of next block.

Network

Multiple instances of blockchain is distributed among several computers (called nodes). 

Consensus

Mechanism by which new block are chosen to be added in blockchain. They are of four kinds PBFT, PoW, PoS, and DPoS.

Mining: Adding new block

New block are added in such way that it has  all valid transactions in block and across all blocks. Also new blocks are to be added to most recent block, otherwise it would rejected by network.

Consensus Model Analysis

Practical Byzantine Fault Tolerence

It is very unique kind of  consensus model, which is not based on any resource intensive task, therefore algorithm reach consensus without wasting any resources. In this model end user identity is known and overall system is controlled by governing body.

Smart Contract

Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network.

BhumiCoin: BlockChain Implementation for land reform

MVP Demo

What we will finally achieve?

Land Ownership

• Every BhumiCoin owned by citizen will declare their ownership on geological parameter 
• Every citizen would be able to create their smart contract for their BhumiCoin
• Ease of transfer of land ownership would be redefined by BhumiCoin 

Regulated Transparency in System

• As BhumiCoin would be based on PBFT, permissioned private blockchain Government would be on driving sheet to decide data ownership
• May be land ownership data would be publicly available, and everyone would be able  verify it.

Next generation digitalisation

 

• Not only data would be digital but also secure and transparent.
• All the offline procedure would be replaced by single government smart contract