Blockchain Based E-Stamp Procurement System with Efficient Consensus Mechanism and Fast Parallel Search

Abstract

Digital Ledger Technology (DLT) is fast growing as solution to various financial applications that require secure and temper proof transactions system. The blockchain based system is a decentralized system for storing the information in consistent and virtually centralized environment. This paper proposes blockchain based application for e-stamping facility along with new consensus algorithm and optimized search algorithm. To achieve consensus for the newly mined block, it is proposed that only trusted nodes are selected for voting. This reduces broadcasting overhead to multicasting to about 50% of nodes. The proposed fast parallel search algorithm reduces the overall search time by 1/5 as compared to the existing algorithms. This is done on a subset of block chain against complete blockchain. Finally, the system can be adopted for the digitalization of the e-stamp facility and process where the stamp duty is required. The government authorities can also authorize private organization for selling the e-stamp to generate the revenue. The system can be able to detect any fraudulent activity.