Abstract
Abstract The current manual process for property deed recording lacks automation, efficiency, and transparency. Real estate transactions require disjointed efforts from multiple parties, and they only become legally binding once they are recorded in a public, physical repository: the Registry of Deeds. Sensitive information is centralized, leaving it vulnerable to misuse, fraudulent activity, and destruction. A blockchain database offers real-time traceability for transactions and a peer-to-peer network to connect the tasks of attorneys, title agents, notaries, grantors, and grantees into a seamless process. Records in a blockchain database are immutable and protected from misuse. Replacing the manual recording process with an automated blockchain eliminates waste in time, money, and third-party efforts, providing grantors and grantees with added protection in the legitimacy of their transactions. This paper aims to provide a proof-of-concept prototype to replace the current paper-based traditional process with an electronic-based blockchain process. A full replacement of the existing relational database will improve throughput, error rates, and cycle times in the recording process. The solution comprises an immutable, decentralized blockchain database of property deeds with an interactive website to add and query records.
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