Real Estate Management Using Smart Contracts

  • V.S.Vidhyalakshmi, A.Geetha, Dr S.Sobitha Ahila

Abstract

            In the last decade blockchain technology has become mainstream research topic because of its decentralized, peer to peer transaction, distributed consensus, and anonymity properties. A blockchain is a growing list of records called blocks that are linked and secured using cryptography. A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Entire communication and transactions pertaining to the property and real estate management is controlled by permissioned block chain (Etheruem smart contracts). The existing system consists of employing a broker or a middleman to perform transaction of assets. The proposed system overcomes these disadvantages. With the help of smart contracts, a “computerized transaction protocol that executes the terms of a contract”, we are able to enforce the conditions of a contract digitally with no middleman required. All transactions in the system are recorded and monitored without the fear of anyone tampering the system. The proposed contract has its own set of conditions or rules, list of participating entities, and generates a procedure called enter. A user invokes the procedure by sending his cash through a contract. When implemented, the contract can access the user input address (user account) and the transaction rate. The system then updates the accrued balance, generates the rate of interest for each members. Finally, payment is made by invoking the necessary function.

Published
2019-11-06
How to Cite
Dr S.Sobitha Ahila, V. A. (2019). Real Estate Management Using Smart Contracts. International Journal of Advanced Science and Technology, 28(13), 616 - 621. Retrieved from http://sersc.org/journals/index.php/IJAST/article/view/1369
Section
Articles