Consortium Blockchain Model for Transparency and Coordination in Property Law Agreements

Legal property agreements are enforceable contracts between parties engaged in a property transaction, including the sale and purchase of land or structures, rental agreements, mortgages, or joint ownership arrangements. Traditional property agreements often encounter challenges, including bureaucratic and notarial delays, document forgery, ownership conflicts stemming from ambiguous records, inadequate transparency and auditability, and increased transaction costs. The objective of this project is to develop a consortium blockchain that enhances the transparency of transaction data and facilitates coordination in property sales agreements. A blockchain consortium is a blockchain system collaboratively governed by its members: the government, the property agent, and the notary. The study employs a qualitative methodology, conducting a literature review to identify challenges in legal property agreements and propose solutions through blockchain technology. The Hyperledger Fabric simulation findings indicate that all authorized nodes inside the blockchain network will authenticate each property-related transaction. To ensure that the information produced by the blockchain-based system is transparent and valid.