BlockEstate: Revolutionizing Real Estate Transactions through Hyperledger-based Blockchain Technology

Authors

  • Laviza Falak Naz Department of Software Engineering, NED University of Engineering & Technology, Pakistan https://orcid.org/0000-0003-3740-209X
  • Rohail Qamar Department of Computer Science & Information Technology, NED University of Engineering & Technology, Pakistan https://orcid.org/0000-0001-8697-6706
  • Raheela Asif Department of Software Engineering, NED University of Engineering & Technology, Pakistan
  • Saad Ahmed Department of Computer Science, IQRA University, Pakistan
  • Muhammad Imran Department of Computer Science & Information Technology, NED University of Engineering & Technology, Pakistan
Volume: 14 | Issue: 3 | Pages: 14458-14464 | June 2024 | https://doi.org/10.48084/etasr.7105

Abstract

This study introduces BlockEstate, an innovative platform to revolutionize real estate transactions through the application of Hyperledger blockchain technology. BlockEstate presents novel contributions in the form of a pioneering compensation request mechanism and a sophisticated chaincode for real estate transaction management. These advancements address long-standing challenges in traditional real estate transactions by leveraging the decentralization, immutability, and transparency of blockchain technology. By ensuring secure and transparent financial transactions and automating property ownership conveyances, BlockEstate sets a new standard for efficiency and safety in the real estate industry. This study comprehensively investigates the design, functionality, and impact of BlockEstate, highlighting its unique contributions and potential to transform the real estate market.

Keywords:

blockchain, real estate, hyperledger, chaincode, property ownership management, pay order, decentralization, transaction security, financial transparency, smart contracts, digital tokenization, property token

Downloads

Download data is not yet available.

References

A. Saari, J. Vimpari, and S. Junnila, "Blockchain in real estate: Recent developments and empirical applications," Land Use Policy, vol. 121, Oct. 2022, Art. no. 106334.

R. M. Garcia-Teruel, "Legal challenges and opportunities of blockchain technology in the real estate sector," Journal of Property, Planning and Environmental Law, vol. 12, no. 2, pp. 129–145, Jan. 2020.

F. Ullah and F. Al-Turjman, "A conceptual framework for blockchain smart contract adoption to manage real estate deals in smart cities," Neural Computing and Applications, vol. 35, no. 7, pp. 5033–5054, Mar. 2023.

T. P. Podshivalov, "Improving implementation of the Blockchain technology in real estate registration," The Journal of High Technology Management Research, vol. 33, no. 2, Nov. 2022, Art. no. 100440.

K. Rajeshkumar, C. Ananth, and N. Mohananthini, "Blockchain-Assisted Homomorphic Encryption Approach for Skin Lesion Diagnosis using Optimal Deep Learning Model," Engineering, Technology & Applied Science Research, vol. 13, no. 3, pp. 10978–10983, Jun. 2023.

H. P. Wouda and R. Opdenakker, "Blockchain technology in commercial real estate transactions," Journal of Property Investment & Finance, vol. 37, no. 6, pp. 570–579, Jan. 2019.

S. Latifi, Y. Zhang, and L. C. Cheng, "Blockchain-Based Real Estate Market: One Method for Applying Blockchain Technology in Commercial Real Estate Market," in 2019 IEEE International Conference on Blockchain (Blockchain), Atlanta, GA, USA, Jul. 2019, pp. 528–535.

S. H. Said, M. A. Dida, E. M. Kosia, and R. S. Sinde, "A Blockchain-based Conceptual Model to Address Educational Certificate Verification Challenges in Tanzania," Engineering, Technology & Applied Science Research, vol. 13, no. 5, pp. 11691–11704, Oct. 2023.

O. Konashevych, "Constraints and benefits of the blockchain use for real estate and property rights," Journal of Property, Planning and Environmental Law, vol. 12, no. 2, pp. 109–127, Jan. 2020.

J. Veuger, "Dutch blockchain, real estate and land registration," Journal of Property, Planning and Environmental Law, vol. 12, no. 2, pp. 93–108, Jan. 2020.

S. Jeong and B. Ahn, "Implementation of real estate contract system using zero knowledge proof algorithm based blockchain," The Journal of Supercomputing, vol. 77, no. 10, pp. 11881–11893, Oct. 2021.

S. S. Taher, S. Y. Ameen, and J. A. Ahmed, "Advanced Fraud Detection in Blockchain Transactions: An Ensemble Learning and Explainable AI Approach," Engineering, Technology & Applied Science Research, vol. 14, no. 1, pp. 12822–12830, Feb. 2024.

A. Mittal, B. Sharma, and P. Ranjan, "Real Estate Management System based on Blockchain," in 2020 IEEE 7th Uttar Pradesh Section International Conference on Electrical, Electronics and Computer Engineering (UPCON), Prayagraj, India, Nov. 2020, pp. 1–6.

A. Gupta, J. Rathod, D. Patel, J. Bothra, S. Shanbhag, and T. Bhalerao, "Tokenization of Real Estate Using Blockchain Technology," in Applied Cryptography and Network Security Workshops, Rome, Italy, 2020, pp. 77–90.

J. H. Huh and S. K. Kim, "Verification Plan Using Neural Algorithm Blockchain Smart Contract for Secure P2P Real Estate Transactions," Electronics, vol. 9, no. 6, Jun. 2020, Art. no. 1052.

E. Pankratov, V. Grigoryev, and O. Pankratov, "The blockchain technology in real estate sector: Experience and prospects," IOP Conference Series: Materials Science and Engineering, vol. 869, no. 6, Mar. 2020, Art no. 062010.

D. Bhanushali, A. Koul, S. Sharma, and B. Shaikh, "BlockChain to Prevent Fraudulent Activities: Buying and Selling Property Using BlockChain," in 2020 International Conference on Inventive Computation Technologies (ICICT), Feb. 2020, pp. 705–709.

F. Ferreira Santana, M. M. da Silva, and F. G. da Cunha, "Blockchain for Real Estate: A Systematic Literature Review," in Proceedings of the International Conference on Information Systems Development (ISD), Valencia, Spain, 2021.

V. Hoxha and S. Sadiku, "Study of factors influencing the decision to adopt the blockchain technology in real estate transactions in Kosovo," Property Management, vol. 37, no. 5, pp. 684–700, Jan. 2019.

G. Sladić, B. Milosavljević, S. Nikolić, D. Sladić, and A. Radulović, "A Blockchain Solution for Securing Real Property Transactions: A Case Study for Serbia," ISPRS International Journal of Geo-Information, vol. 10, no. 1, Jan. 2021, Art. no. 35.

A. Mashatan, V. Lemieux, S. H. (Mark) Lee, P. Szufel, and Z. Roberts, "Usurping Double-Ending Fraud in Real Estate Transactions via Blockchain Technology," Journal of Database Management (JDM), vol. 32, no. 1, pp. 27–48, Jan. 2021.

J. Harris and E. Nikbakht, "Blockchain Applications in Real Estate," in The Emerald Handbook of Blockchain for Business, H. Kent Baker, E. Nikbakht, and S. Stein Smith, Eds. Emerald Publishing Limited, 2021, pp. 311–323.

J. Veuger, "A Database Exploring Blockchain and Real Estate," in Disruptive Technology, Legal Innovation, and the Future of Real Estate, A. Lehavi and R. Levine-Schnur, Eds. Cham, Switzerland: Springer International Publishing, 2020, pp. 3–25.

A. Saull, A. Baum, and F. Braesemann, "Can digital technologies speed up real estate transactions?," Journal of Property Investment & Finance, vol. 38, no. 4, pp. 349–361, Jan. 2020.

E. Lindholm, "Blockchain evolution: adoption, knowledge and barriers of blockchain technology in the Finnish real estate industry," M.S. thesis, Aalto University, Espoo, Finland, 2021.

M. Li, L. Shen, and G. Q. Huang, "Blockchain-enabled workflow operating system for logistics resources sharing in E-commerce logistics real estate service," Computers & Industrial Engineering, vol. 135, pp. 950–969, Sep. 2019.

J. Hutson, G. Banerjee, N. Kshetri, K. Odenwald, and J. Ratican, "Architecting the Metaverse: Blockchain and the Financial and Legal Regulatory Challenges of Virtual Real Estate," Journal of Intelligent Learning Systems and Applications, vol. 15, Feb. 2023.

N. A. Alsharif, S. Mishra, and M. Alshehri, "IDS in IoT using Machine ‎Learning and Blockchain," Engineering, Technology & Applied Science Research, vol. 13, no. 4, pp. 11197–11203, Aug. 2023.

K. Bhatia, J. Vij, H. Kumar, Y. Sharma, and A. Sharma, "Exploration of Blockchain Based Solution for Real-Estate," International Journal of Scientific Research in Computer Science, Engineering and Information Technology, vol. 5, no. 2, pp. 957–962, Apr. 2019.

P. Kothari, A. Bharambe, R. Motwani, and A. Rathi, "Smart Contract for Real Estate Using Blockchain," Apr. 2020.

A. Baum, "Tokenization—The Future of Real Estate Investment?," The Journal of Portfolio Management, vol. 47, no. 10, pp. 41–61, Jun. 2021.

J. M. Moringiello and C. K. Odinet, "Blockchain Real Estate and NFTs," M.S. Thesis, William & Mary Law School, Williamsburg, VA, USA 2023.

J. L. Tilbury, E. De La Rey, and K. Van Der Schyff, "Business Process Models of Blockchain and South African Real Estate Transactions," in 2019 International Conference on Advances in Big Data, Computing and Data Communication Systems (icABCD), Winterton, South Africa, Aug. 2019, pp. 1–7.

A. Jain, B. Chitroda, A. Dixit, and H. Dalvi, "Blockchain-Powered Real Estate System," in Advanced Computing Technologies and Applications, Singapore, 2020, pp. 609–620.

D. Yacob, "Blockchain : An Application on the Commercial Real Estate Leasing Market," M.S. Thesis, KTH Royal Institute of Technology, Stockholm, Sweden, 2021.

M. Shuaib, S. Alam, and S. M. Daud, "Improving the Authenticity of Real Estate Land Transaction Data Using Blockchain-Based Security Scheme," in Advances in Cyber Security, Singapore, 2021, pp. 3–10.

Downloads

How to Cite

[1]
Naz, L.F., Qamar, R., Asif, R., Ahmed, S. and Imran, M. 2024. BlockEstate: Revolutionizing Real Estate Transactions through Hyperledger-based Blockchain Technology. Engineering, Technology & Applied Science Research. 14, 3 (Jun. 2024), 14458–14464. DOI:https://doi.org/10.48084/etasr.7105.

Metrics

Abstract Views: 512
PDF Downloads: 468

Metrics Information