Real Estate Land Transaction System Using Blockchain

Abstract

Abstract: Real Estate Management in India as well as in many parts of the world is a very inefficient and insecure process. Developing a secure system that not only accelerates the process of land registration but also makes it efficient and secure will be effective. Blockchain technology is one of the latest and secured technologies on the horizon and has evolved over the last 9-11 years. There is tremendous potential for usage of Blockchain technology in the land industry. This paper presents a blockchainpowered real estate management system that will impart transparency, efficiency, and security in Real Estate Management. The decentralized data storage application and its interactions with Ethereum Virtual Machine (EVM) are presented to point out the event of a sensible contract which will be used for blockchain smart contracts in real estate management. Further, a detailed design and interaction mechanism are highlighted for the estate owners and users as parties to a sensible contract. It will store all the transactions on a distributed blockchain which will be very secure and will not be prone to hacking. A list of functions for initiating, creating, modifying, or terminating a sensible contract is presented and this will help the user enjoy a more immersive, user-friendly, and visualized contracting process, whereas the owners and real estate agents can enjoy more business and sales. It is a practical solution to the real estate management problem in the real world. Keywords: Blockchain, Smart Contracts, Real Estate Management, Ethereum Virtual Machine, Transparent Contracting Process