Application of Blockchain for Secure Real Estate Management Systems

Abstract

Real estate management systems are crucial for efficiently handling property transactions, ownership records, and regulatory compliance in the real estate industry. However, traditional real estate management systems face challenges related to security, transparency, and trustworthiness, leading to issues such as fraud, disputes, and inefficiencies. This paper explores the application of blockchain for secure real estate management systems, focusing on its potential benefits, implementation challenges, and use cases. Smart contracts have a superb advantage for avoiding fraud cases and instilling behaviour among the stakeholders of the system. We examine how blockchain can enhance security, streamline processes, reduce fraud, and improve trust in real estate transactions by providing a decentralized and tamper-proof platform for recording and verifying property ownership, contracts, and transactions. Additionally, we discuss the technical considerations, regulatory implications, and adoption barriers associated with implementing blockchain-based real estate management systems. This paper advocates a trustful mechanism for securing online transactions in the modern-day real estate marketplace.