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Research Article | Open Access
Volume 14 2022 | None
Development and Implementation of Block chain Based Transactions in the Real-Estate Industry
Vishesh Tomar, Uttkarsh Dhania, Ritu Yadav , Vijay Kumar Sharma, Vimal Kumar
Pages: 4533-4541
Abstract
India is growing with digital money, in just 3-year digital transitions have grown manyfold. Digital transactions require a high standard of security and conformity for successful transactions. Blockchain and cryptocurrency get immense popularity in the last 10 years especially in financial sectors though 1980 was the year of birth of digital money and blockchain. However, with the introduction of smart contract-based trading new field of scope emerges. Best usage of blockchain technology in land administration, especially technology for clarity in underdeveloped nations and a method of combating corruption. The goal of this project is to develop a secure digital backbone by using blockchain to replicate the processes of purchasing and selling residential real-estate businesses. The majority of the activities of purchasing, selling, and renting property are handled by third-party real-estate agents. As a result, the parties participating in the transaction must be confident (buyers, sellers, landlords & tenants).
Keywords
Blockchain, Land Administration, Smart Contract, Real Property Transactions, Transaction Transparency
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