Smart Contract for Real Estate Using Blockchain

6 Pages Posted: 3 Apr 2020

See all articles by Parth Kothari

Parth Kothari

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT)

Asha Bharambe

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT)

Ruchika Motwani

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT)

Abhishek Rathi

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT)

Date Written: April 8, 2020

Abstract

The commercial real estate (CRE) industry appears to take pride in keeping several aspects of its operations private, such as comparable lease rental rates, property prices, and valuations, to create a possible competitive advantage. However, secrets are hard to keep and may not even be desired in today’s hyperconnected and digitized world. In response to greater demand for ​transparency, ​technology advancements and the disintermediation by startups are gradually making some of this information public. As a result, property-related information is increasingly available in digital and paper form. However, a significant portion of the digitized information is hosted on disparate systems, which results in a lack of transparency and efficiency, and a higher incidence of inaccuracies that creates a greater potential for fraudulence. This paper aims to present the Blockchain and smart contract for a specific domain which is real estate. Currently, the real estate business online is at risk of fraudulence. The main objective of this project is to create a platform to maintain transparency in the real estate world so that no fraudulent activities can happen due to false contracts. Goal is to create tamper proof systems and to remove third party reliability for transactions. Consensus algorithms such as Proof of Work and Proof of Authority can be used to achieve consensus in the network. Blockchain uses Proof of work concept to ensure transaction denial thus helping remove denial of services. Proof of authority on the other hand ensures only authorized smart contracts pass the system.

Keywords: Real Estate, Smart Contract, Ethereum, Blockchain

Suggested Citation

Kothari, Parth and Bharambe, Asha and Motwani, Ruchika and Rathi, Abhishek, Smart Contract for Real Estate Using Blockchain (April 8, 2020). Proceedings of the 3rd International Conference on Advances in Science & Technology (ICAST) 2020, Available at SSRN: https://ssrn.com/abstract=3565497 or http://dx.doi.org/10.2139/ssrn.3565497

Parth Kothari (Contact Author)

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT) ( email )

India

Asha Bharambe

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT) ( email )

India

Ruchika Motwani

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT) ( email )

India

Abhishek Rathi

University of Mumbai - Vivekanand Education Society's Institute of Technology (VESIT) ( email )

India

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