Social Science

A Blockchain-Based Solution to Property Rights in Sri Lanka

Authors: Rumi Nagpal
Comments: 57 Pages.

This paper explores a possible solution for the property rights crisis in Sri Lanka. I propose a blockchain-based solution, combing public and private blockchains to store all land titles in Sri Lanka. The system will also allow users to buy, sell, and transfer property on a secure platform. Sri Lanka's land registry’s department is plagued with corruption - where politicians and businessmen sell and use fake deeds - the blockchain network eliminates all corruption through the use of hash keys. The system allows land titles to be accessed instantly, which ensures that people can take a loan against their immobile assets immediately, to help grow their business; thus rejuvenating a crumbling Sri Lankan economy. The system increases reliability, accountability, efficiency, and security. The public will be directly involved in the system as they monitor it, along with designated monitors, white-hat hackers, the government, and banks. The paper proposes that the government allows a private company to build the network to maintain decentralization. The system will run on autopilot, and the government will fund the system. The research implemented in this analysis has been conducted through interviews with employees in the Registrar General's Department, and by using other research papers and peer-reviewed journals online. One can expect an in-depth analysis covering the blockchain network's design, understanding why it is perfect for Sri Lanka (due to the Bim Saviya and e-Land Acts), and the limitations of the solution - including how the government and the company which sets up the network can tackle them.
Category: Social Science