IMPLEMENTATION OF THE BLOCKCHAIN TECHNOLOGY TO THE REAL ESTATE SECTOR

Abstract

The real estate sector is characterized by complex transactions, heavily relying on intermediaries, leading to inefficiencies and potential security vulnerabilities. This research examines the incorporation of blockchain technology as a revolutionary solution to enhance transparency, security, and operational efficiency in real estate transactions and processes. Through a qualitative case study methodology, it is evaluated the influence of integrating blockchain in a diverse range of real estate transactions, going from property transfers to the utilization of smart contracts for lease agreements. The results indicate a notable decrease in transactional friction, a reduction in instances of fraudulent activities, and an increase in transparency through the immutable ledger. Moreover, smart contracts executed on the blockchain show promise in automating aspects of property management, streamlining rental procedures, and ensuring adherence to regulatory requirements. This paper aims to address potential difficulties related to regulatory frameworks and scalability and offer recommendations to overcome them. This study contributes to the expanding body of work on the practical application of blockchain technology across various industries, presenting valuable insights for stakeholders keen on harnessing blockchain's potential in the real estate sector.