| Abstrakt: |
In the modern-day economy, a majority of transactions take place in the real estate sector. Financial experts believe it is the finest field to invest in for higher returns. However, there are numerous challenges to consider while purchasing and selling assets, including wire fraud, title fraud, property condition, misrepresentation, contract issues, transparency, and so on. To address these concerns, a novel framework for the governance of real estate transactions was proposed in this study. For maintaining asset records efficiently, a smart contract based on blockchain technology has been proposed due to its properties such as transparency, immutability, authenticity, and fault tolerance. We are currently shifting from Web 2.0 to Web 3.0, where the majority of technological events will take place in a distributed network. Taking this into account, we attempted to give a straightforward and simplified approach so that a person with less technical expertise could gain a better understanding. The proposed model emphasized streamlining real estate operations by adopting smart contracts on the Blockchain network with an average block node generation time of 13.56 s. The efficacy of the proposed model was compared against the traditional approach, digital contracts and state-of-the-art. The outcome reveals the supremacy of the proposed model with the state-of-the-art by 13% in terms of block node generation time. Further, it was verified in terms of the average execution time required for deployment, authentication, and authorization. Therefore, adopting smart contracts can drastically transform the real estate industry by making it more robust, efficient, and opaque. |
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