Blockchain based Secured Transactions in Rental Applications

Abstract

The real estate industry is experiencing digital transformation in recent years. The historical paper-pencil business need to preserve archaic records and is inefficient. Also, the information sharing business processes are burdened with intermediaries, inefficiencies, and concerns about protection. Nowadays, the technology has already started to further reshape the growing global economy. In particular, blockchain technology is leading into this transition, similar to how other new technologies disrupt the established industries. This paper introduces a distributed-record keeping methodology using blockchain for housing rental system between tenants and property-owners. It ensures the authenticity of digital transactions and achieves peer-to-peer intermediate-free exchange of information. The proposed system is implemented using Hyperledger Sawtooth. During lease process, the smart contract retains all transactions, and the records of tenant and property-owners, thereby ensuring security for both.