Secure asset transaction using blockchain

¹ SIES Graduate School of Technology, Information Technology Department, Navi Mumbai, India
² SIES Graduate School of Technology, Information Technology Department, Navi Mumbai, India
³ SIES Graduate School of Technology, Information Technology Department, Navi Mumbai, India
⁴ SIES Graduate School of Technology, Information Technology Department, Navi Mumbai, India

Abstract

The current property exchange methodology includes a lot of susceptibilities and people use it to delude the common people and the government. Using blockchain, this project utilises majority consensus to implement secure asset transactions. The main objective behind the implementation of asset transaction using blockchain is to secure property transactions from vulnerabilities and to easily maintain records. The proposed solution aims at avoiding scenarios related to the same property being sold multiple times to different clients. Since very little documentation and record-keeping effort are required, the time required for performing a transaction is also less. The asset transaction will consist of n nodes which will be responsible for verifying a transaction and adding new blocks to the blockchain. The proposed implementation of the secure asset transaction using blockchain thus offers a reduction in manual effort spent in record keeping.