International Research Journal of Engineering and Technology (IRJET)
e-ISSN: 2395-0056
Volume: 09 Issue: 07 | July 2022
p-ISSN: 2395-0072
www.irjet.net
Blockchain Technology using Ethereum Network in Real Estate Padmavathi B, Sahana R, Soumya R, Varsha H G, Veena S 1Assistant
Professor, Department of CSE, East West Institute of Technology, Bangalore, India. of CSE, East West Institute of Technology, Bangalore, India. ---------------------------------------------------------------------***--------------------------------------------------------------------2Department
Abstract - Because of the popularity of the Internet, the
negotiation are initiated. If the buyer and the seller agree upon a price, they usually write a contract and a transaction occurs. The broker reports the transaction price to a specific realtor database and the buyer usually needs to report the transaction price to a government agency. Blockchain is a new and emerging technology on the market. It is an information technology multiple classes of application i.e. any form of asset registry, exchange or inventory (Swan, 2015). Blockchain is a decentralized transaction technology first developed for Bitcoin cryptocurrency (Yli-Huumo et al., 2016), but every area of economics, finance and money could be included in the technology. The technology uses ledgers (a distributed database architecture) to register any kind of information (Pinna and Ruttenberg, 2016) and has the potential to shorten the transaction time in any kind of transaction and make systems more transparent and reliable. Saint-Paul (2008) states that the outcome of implementing new technologies, such as blockchain technology, is not always clear and could affect far more areas than imagined. The real estate market is highly important for the overall economy and should not be exposed to unnecessary risk when trying to implement new technologies.
integration services have gradually changed people daily life, such as e-commerce activities on transactions, transportation and so on. The blockchain based real estate, one of the popular e-commerce activities, allows buyers to directly buy the products over the Internet. As for sealed buy, the extra transaction cost is required for the intermediaries because the third-party is the important role between the buyers and the sellers help in transaction. In addition, it never guarantees whether the third-party is trust. To resolve the problems, we propose the blockchain technology with low transaction cost which is used to develop the smart contract of buyer and seller. Key Words: Blockchain, Ethereum, smart contracts.
1.INTRODUCTION The overall market is in front of a new technological change, where several markets need a technology that can speed up the different processes and bring more safety and transparency into the market (Tapscott, 2016). One of these markets is the real estate market and this market is highly important for the overall well-being of a country. Zhao and Michales (2006) argues that a real estate crisis often affect and creates financial crises which in turn could lead economic meltdowns both on a micro- but also on a macro level. The real estate crises are in many cases linked to inefficiencies within the market, inefficiencies such as illiquid market, not transparent enough, high transaction costs, personal biases and slow transaction processes (Shiller, 2005). It takes on average 114 days from the time the property is listed to the day the official transfer day occurs for small houses in Sweden (Flink, 2017). This process is time-consuming and inefficient. Crowston and Wigand (2010) argue that a real estate transaction usually occurs in five steps; listing, searching, evaluating, negotiation and execution, which in turn includes approximately 33 steps according to Lantmäteriet et al. (2016) According to Shimizut al. (2016) the usual transaction process starts with the property owner deciding to sell and in most cases contacts a real estate broker. The broker values the property and decides with the seller an optimal asking price (reservation price). The reservation price is in most cases not modified, but in a situation where the houses are unsold and still on the market, the price can be modified (Mcgreal et al., 2009). When the reservation price is set, then the broker starts marketing the property and search for a potential buyer. When a potential buyer is found, evaluation and
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2. PROPOSED METHODOLGY !!!!!!!!!!!!!!!!!!!!!!!!!!! Blockchain: The blockchain is a new system of decentralized trustless transactions of data that does not require a third party to perform the task of validating the transaction. Blockchain is a decentralized peer-to-peer technology at its origin and can be seen as a ledger of facts. Decentralized means that data is not stored in only one network with a common processor, instead it is distributed across several networks of interconnected computers. The decentralized database uses blocks where records of information are stored and it is a continuously growing list of ordered records. The blocks are linked to previous blocks and each block contains a time-stamp (nonce) and a hash-number. The system is inherently resistant to modification of data due to the linking-system, time-stamp and hash-number in all the single blocks and the data in a blockchain can therefore not be easily altered.!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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