International (Lack of) Harmonization in Legislation for Blockchain Application in Cross-Border Real Estate Processes

Real estate industry is frequently cited as an example of a sector that can profit from the usefulness of blockchain applications. According to the general theory, blockchain could theoretically address the major problems the real estate industry is now experiencing, including lack of transparency, inefficiencies, fraud and corruption, excessive costs, and also trust concerns. Many people are concerned that legal restrictions would prohibit widespread blockchain adoption in the real estate business, despite the fact that blockchain technology has the ability to significantly lower the costs of real estate transaction, remove investment obstacles, and boost real estate liquidity. Given the potential opportunities of blockchain in real estate (for example, verifying transactions and verifying other encumbrances), the concern is whether blockchain is yet adequately set up to accomplish the responsibilities of real estate agents, legal professionals, and other parties that are pertinent, guaranteeing a secure real estate transaction. This article offers a useful overview of the legal framework for blockchain applications in international real estate transactions. This article also discusses various legal issues that arise from blockchain applications, with an emphasis on the smart contract challenges that bring about the application of the law of contract and the potential for blockchain to disrupt the real estate sector.