RealEstateBlock : a real estate application using blockchain

Abstract

The rapid asset transactions in the real estate sector are a time-consuming process that may take months to complete. The transactions are also costly and involve fraudulent activities. So, despite the importance of real estate in our country, many problems arise in this sector, like property searching, property sale and purchase, money dealings, lease agreements, involvement of third parties, etc. Blockchain is an emerging technology that can solve different problems the real estate sector is facing. It provides secure and more manageable land or property transactions. This paper proposes a Blockchain-based real estate app that leverages Blockchain technology to revolutionize the traditional real estate industry. It utilizes Blockchain’s transparency, security, and immutability to create a decentralized platform for buying, selling, renting, and managing properties. With this app, buyers and sellers can interact directly with each other without the help of a real estate agent. It will be a valuable tool for both buyers and sellers, allowing buyers to find properties that meet their needs and allowing sellers to reach a wider audience. In this paper, we formulate a Blockchain contract that successfully deals with selling, buying, and renting properties, resulting in developing a Decentralized Application Program. We tested the contract in Ethereum Remix, and it was successful.