Design of Blockchain System for a Real Estate (a Revolution)

Abstract

Blockchain the technology behind the highly successful Bitcoin has recently gained attention from researchers who want to use this new and disruptive technology in many fields, potentially redesigning businesses, politics, and society at large. Despite all the research in blockchain, no buyer-company-government buying and selling schema has been designed till date. This schema ensures no single point of failure, faster implementation of government schemes, e.g.- Pradhan Mantri Awas Yojna (PMAY), easy document recovery in case of disaster, and easier trade for everyone helps boost the economy etc. The prime objective of this paper is to fill in this gap and discuss the various key benefits of having a decentralized real estate ecosystem for buying and selling based on blockchain technology and the challenges are to replace the traditional real estate ecosystem and make this schema a standard for any buying or selling of property through the use of the platform of Real Chain providing the DLT (Distributed Ledger Technology) environment which will counter the corrupt middlemen and remove traditionally centralized institutions from the process of buying and selling.