Discover Internet of Things (Oct 2023)
Innovative and secure decentralized approach to process real estate transactions by utilizing private blockchain
Abstract
Abstract Purpose This research introduces a decentralized method for handling real estate transactions through the utilization of private blockchain technology. The authors pinpoint the primary challenges within the prevailing transaction procedures in India and advocate for the integration of blockchain technology as a solution. Ultimately, the study concludes that the proposed system has the potential to optimize transaction processes within Indian government offices, fostering heightened efficiency, transparency, and a reduction in corrupt practices. Methods/design/methodology The current transaction process and the centralized technology are investigated using a physical observation approach at the government office. Following that, numerous parties are questioned to identify the main pain areas in the process. The outcomes of the interviews are used to create a blockchain solution that addresses the identified pain points. Following the design, interviewees are requested to validate the suggested model. Findings Some of the primary pain areas found in the real estate transaction procedure include that it is impossible to avoid single-point failure due to the present centralized transaction process, the possibility of corruption at any point, and the lack of data available at each node. Using blockchain techniques, the suggested decentralized application enhances the way transactions are processed and ensures the quality of data availability, transparency, and the elimination of single points of failure. Practical implications and simulation process A private blockchain application is created to improve the real estate transaction procedure at the Indian government office. One complex front end is created to receive information about the seller, the buyer’s property, and the payment, and a suitable database is employed to hold the sensitive data. Data is moved to the private blockchain for final execution when the smart business logic has been applied to the necessary information. One artificial utility is created that places a heavy load on the proposed system and measures the load trashing to validate it. It generates an enormous amount of sample data to verify the suggested system. Originality/value According to recent research, blockchain technology has the potential to get better efficiency, transparency, security, data accessibility, and thus trust in the transaction process. As a result, the suggested application is beneficial to the future of the Indian real estate transaction process.
Keywords
