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Digitized Land Registration

usespecial software for solving complex mathematical problems by finding

the suitable nonce that generates the hash.

6. Consensus or consensus protocol – The set of rules for performingblock­

chain operations.

5.2  CHARACTERISTICS OF BLOCKCHAIN TECHNOLOGY

The blockchain technology possesses different characteristics, such as the following.

5.2.1  Distributed Ledger

A database that can be shared and synchronized consensually across different web­

sites, geographies and institutions that can be accessed by multiple users is known as

a distributed ledger. This database allows all the participants to share the recorded

transactions of the networks, and the users can have a copy of the document based

on the permissions. All the changes that are made with the document/data will be

reflected to the ledger with proper timestamps. This allows the entire system to pro­

vide public witness. In contrast to a centralized ledger, the distributed ledger seems

to be used by most companies, as the centralized ledger might have the possibility of

fraud and cyber-attacksbecause the failover can happen at a single point. Hence, this

distributed ledger methodology is used by blockchain technology.

5.2.2  Digitalization

All companies tend to innovate in order to adapt to the dynamic world and to succeed

in competitive environments. The current scenario of revolution is towards digitaliza­

tion, where every organization tends to adapt permanently(Ehmke et​.a​l, 2018). It is

mandatory for an organization’s business to bypass the traditional models and barri­

ers that exist between the sectors and to change towards the current revolution with

the essence of the traditional models. It is also observed that many of the products that

were prevalent have now been converted to services without changing the essence of

the traditional models. The digital revolution provides the opportunity for the growth

of organizations as the consumers tend to move towards the digital environment

(Weber et​.a​l, 2019). It also supports the organizations in improving consumer satis­

faction by easier observation of the needs of the consumer through direct interaction;

this obviously supports the organizations to grow culturally as well as technologi­

cally. Blockchain technology handles only digital data or assets over the network.

5.2.3  Updated Near Real-Time

The blockchain is a distributed model where the data/asset that is modified or used

by the user will be updated in the respective blocks with proper timestamps. The his­

tory of modification as well as the history of the modifier will also be captured and

stored in the blocks to make the process more transparent. Thus, the ledger that has

been maintained in this distributed technology is more real.