Real Estate Information Verification Service with the Use of the Blockchain Technology

Abstract

Blockchain (blockchain — chain of blocks) — Distributed Ledger Technology (DLT). This is a combination of components that includes: peer-to-peer (P2P) networks, distributed storage, and cryptography (hashing and public-key encryption). Popular implementations of blockchain technology include Bitcoin as the electronic currency, which can be used to make money transfer transactions from one wallet to another. This paper considers Blockchain technology and the possibility of its usage to verify real estate information. There is a high demand today in the Ethereum platform for creating any decentralized online services based on blockchain (Dapps), working on smart contracts basis. Ethereum greatly simplifies and reduces the cost of implementing a blockchain. Representatives from various industries are interested in blockchain technology. These are mainly companies from different sectors of the economy, especially the banking sector, stock exchanges, etc. Also known applications of technology to the land register. It is implemented by both large players (Microsoft, IBM, Acronis, R3 banking consortium), and the new startups. The paper analyzes various types of real estate fraud and their impact. The requirements for building the architecture of the real estate information verification service have been collected. The architecture of the reasonable contract which considers all the requirements is offered. To implement the blockchain-based algorithm, a distributed Ethereum database based on smart contracts has been chosen. The built approach itself is based on the use of Blockchain technology. The architecture of the real estate information verification service has been developed using Blockchain technology, which, in turn, guarantees the successful execution of transactions and stable operation, which guarantees the entering, updating, and storing of real estate information and its verification.