Blockchain-based digitization of land record through trust value-based consensus algorithm

The real estate markets currently hold and contribute a fair share of any country's gross domestic product. In real estate transactions, stamp duties produce income that adds to the government funds. However, the transactions in real estate may be subjected to forgery through fraudulent papers or activities. Many reforms have been proposed but distributed ledger technology offers solution to most of these issues. A traditional proof-of-work consensus causes an overhead of a large number of message exchanges, which takes a much longer time. This leads to an increased number of utilized blocks for storing transactions, and the required computational power is enormous. This article proposes a blockchain-based system for digitizing transactions in real estate that mitigates the possibility of falsifying documents and other fraudulent activities. The article also proposes a consensus algorithm, which reduces overhead transmissions by around 50% for multicasting nodes. The proposed consensus approach has been compared with five prominent approaches: proof-of-work, proof-of-stake, delegated-proof-of-stake, load-balanced, and a trust-based approach. The comparative assessment deduces that the proposed consensus process is faster than the compared approaches. The overhead of message exchange communication decreases by up to 50.30% compared to the traditional proof-of-work approach.