Abstract
The Indian real estate industry has played a significant role in the economic development of the country. It is continually showing lush and future growth. However, due to traditional practices that are related to the following industry have given rise to many significant issues. Some of the issues pertaining to the Indian real estate industry are bureaucracy, mistakes in the public record, lack of transparency, fraud, fees, amount of time, and the third parties that are involved in closing on a property. Blockchain technology has the potential to solve these problems as it provides immutable storage, traceability as a default feature, and greater transparency through a distributed ledger. In this paper, we review some of the existing systems related to the use of blockchain in real estate and propose an alternate blockchain-based real estate system for the Indian real estate industry. In the proposed system, blockchain technology serves as a reliable storage model for property-related information and can be used to perform operations such as property transactions like purchase, sale, renting, leasing, and management transactions through the use of smart contracts. The goal is to eliminate the flaws of the traditional system and ease, evolve, and secure the experience of the two parties performing various trading on the land and real estate.
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Jain, A., Chitroda, B., Dixit, A., Dalvi, H. (2020). Blockchain-Powered Real Estate System. In: Vasudevan, H., Michalas, A., Shekokar, N., Narvekar, M. (eds) Advanced Computing Technologies and Applications. Algorithms for Intelligent Systems. Springer, Singapore. https://doi.org/10.1007/978-981-15-3242-9_58
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DOI: https://doi.org/10.1007/978-981-15-3242-9_58
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