Blockchain-based Decentralized Application for Secure and Efficient Real Estate Transaction
摘要
The real estate industry is complex and cumbersome in India and many other nations worldwide. Conventional procedures include a lot of paperwork, involvement of middlemen, and lack of transparency, which results in the possibility of delays, human errors, and fraud. Blockchain technology can improvise the real estate sector because of its credible features and can provide a safe platform for real estate transactions. This paper proposes a blockchain-based real estate transaction system that uses a Proof-of-Work (PoW) consensus algorithm running at its core, facilitating property transactions and renting between the parties. With our application, buyers, landlords, tenants, or sellers can trust that their transactions will be secure due to data integrity and availability. Smart contracts ensure that the terms and conditions agreed upon by the engaging parties are executed automatically, reducing the need for intermediaries and administrative overhead required for paperwork and other formalities, as well as eliminating the possibility of fraud. The application is built with Solidity programming language and deployed on the Ethereum blockchain. The proposed system exempts the extra 5–6% commission the broker charges in the traditional real estate system. Our system can revolutionize traditional real estate methodologies as it takes only 72 h, i.e., 3 days to complete property ownership transfer transactions and price negotiation, which is much shorter than the time taken by the traditional systems.