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Article

A Blockchain Solution for Securing Real Property Transactions: A Case Study for Serbia

Faculty of Technical Sciences, University of Novi Sad, 21000 Novi Sad, Serbia
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ISPRS Int. J. Geo-Inf. 2021, 10(1), 35; https://0-doi-org.brum.beds.ac.uk/10.3390/ijgi10010035
Received: 14 November 2020 / Revised: 4 January 2021 / Accepted: 11 January 2021 / Published: 15 January 2021
(This article belongs to the Special Issue GIS Software and Engineering for Big Data)
The origins of digital money and blockchain technology goes back to the 1980s, but in the last decade, the blockchain technology gained large popularity in the financial sector with the appearance of cryptocurrencies such as Bitcoin. However, recently, many other fields of application have been recognized, particularly with the development of smart contracts. Among them is the possible application of blockchain technology in the domain of land administration, mostly as a tool for transparency in the developing countries and means to fight corruption. However, developed countries also find interest in launching pilot projects to test their applicability in land administration domain for reasons such as to increase the speed and reduce costs of the real property transactions through a more secure environment. In this paper, we analyse how transactions are handled in Serbian land administration and how this process may be supported by modern ledger technologies such as blockchain. In order to analyse how blockchain could be implemented to support transactions in land information systems (LIS), it is necessary to understand cadastral processes and transactions in LIS, as well as legislative and organizational aspects of LIS. Transactions in cadastre comprise many actors and utilize both alphanumeric (descriptive or legal) data and geospatial data about property boundaries on the cadastral map. Based on the determined requirements for the blockchain-based LIS, we propose a system architecture for its implementation. Such a system keeps track of transactions in LIS in an immutable and tamper-proof manner to increase the security of the system and consequently increase the speed of transactions, efficiency, and data integrity without a significant impact on the existing laws and regulations. The system is anticipated as a permissioned public blockchain implemented on top of the Ethereum network. View Full-Text
Keywords: blockchain; land administration; smart contract; real property transactions; transaction transparency; ledger blockchain; land administration; smart contract; real property transactions; transaction transparency; ledger
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MDPI and ACS Style

Sladić, G.; Milosavljević, B.; Nikolić, S.; Sladić, D.; Radulović, A. A Blockchain Solution for Securing Real Property Transactions: A Case Study for Serbia. ISPRS Int. J. Geo-Inf. 2021, 10, 35. https://0-doi-org.brum.beds.ac.uk/10.3390/ijgi10010035

AMA Style

Sladić G, Milosavljević B, Nikolić S, Sladić D, Radulović A. A Blockchain Solution for Securing Real Property Transactions: A Case Study for Serbia. ISPRS International Journal of Geo-Information. 2021; 10(1):35. https://0-doi-org.brum.beds.ac.uk/10.3390/ijgi10010035

Chicago/Turabian Style

Sladić, Goran, Branko Milosavljević, Siniša Nikolić, Dubravka Sladić, and Aleksandra Radulović. 2021. "A Blockchain Solution for Securing Real Property Transactions: A Case Study for Serbia" ISPRS International Journal of Geo-Information 10, no. 1: 35. https://0-doi-org.brum.beds.ac.uk/10.3390/ijgi10010035

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