A trustable real estate transaction based on public blockchain: a smart contract-driven framework

Abstract

Introduction: The authorities responsible for Land Registration (LR) are often held accountable for the mishandling and forgery of LR documents in many countries. Some individuals may use a cutting-edge technology called Blockchain (BC) to digitally transfer assets such as currency, paperwork, and real estate (RE). Each transaction, monetary exchange, and shared information facilitated by a Peer-to-peer network (P2P) can be carried out through a designated node. Methods: This paper proposes a method for secure transfer of land ownership using BC Technology without the involvement of intermediaries. Buyers and sellers are entering into a land ownership agreement via the Ethereum network. The decentralised systems has been to enhance their reliability. Currently, there is a growing development of decentralised solutions based on blockchain technology to tackle the limitations of centralised systems. Results: The application of BC technology gradually mitigates the security concerns of the LR system. Due to the fact that each block is connected to the hash of the preceding one, each hash value will be unique. The SHA algorithm is employed for this purpose. Conclusion: The ownership of the property cannot be transferred to the customer through the application. However, the smart contracts allow for automated updating of records.