Property Fraud Detection And Prevention Using Blockchain

Blockchain is a trending topic to explore after the popularity of Bitcoin. Bitcoin can be defined as a digital currency, mainly developed to speed up transactions and to reduce third-party control over any transaction. Blockchain is the underlying technology that is responsible for maintaining the bitcoin transaction ledger. It can be defined as a chain of blocks such that each block holds some information. The information stored is dependent on the type of blockchain and can be referred to as a digital signature. The digital signature of the next block is based on the digital signature of the current block and the digital signature of the next block is based on the previous block signature. Blockchain is a fast-evolving technology that is eventually replacing the current transaction management system. The problems that are being faced by the current transaction system such as the transaction costs, crisis and crashes due to depression and fractional reserve banking, blockchain helps to solve these issues. Blockchain is not limited to the transaction system and can be used in other fields also. The property fraudulent cases are becoming very common these days, the reason being centralized control and no public access to data and absence of a system to cross-check the property for which transaction is being made. In this paper, we focus to discuss on issues like centralized control, how the blockchain technology will benefit and help to overcome the issues in any kind of property fraud cases and what are the major challenges to this technology implementation.