SRM Institute of Science and Technology, Ramapuram Campus

DEPARTMENT OF COMPUTER SCIENCE AND ENGINEERING

MAJOR DOMAIN:BLOCKCHAIN TECHNOLOGY

PROJECT TITLE: Leveraging the use of blockchain and smart contract

technology to facilitate real-estate property transactions

Batch No:7
• PRAGADEESWARI C : RA18110030200035
• UJJAINI DEB              : RA1811003020008 
• SASIDHARAN R        : RA1811003020052

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 OBJECTIVE
Here we’ll try to develop a proof of concept digital
platform that simulates the process of buying and
selling properties in the residential real-estate industry,
using the blockchain and smart contract technology.
This is to eliminate the presence of a third party real-
estate agent, thus eliminating the element of trust
which brings about lots of security and performance
hampering risks along with it.

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 SCOPE
As mentioned earlier the aim is to develop a digital platform
which can be used to simulate the property buying and
selling processes. This is especially necessary because the
presence of a middle man who generally handles this
process can lead to the inclusion of the element of trust
which in turn leads to a number of problems which affect the
speed, cost and security of the real-estate transaction
processes. Unlike any traditional methods, bolckchain
enables peer to peer transfer of digital assets without any
intermediaries.

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 ABSTRACT
The main aim of this project is to digitize the process of buying and
selling of real estate property through blockchain technology in
order to eliminate the stumbling blocks such as property fraud ,
high middleman costs, etc. Besides records stored using traditional
ledgers are to easy to tamper, which in turns makes the information
in it less accurate and thus blockchain technology comes in handy.
Blockchain technology solves the above problems by evolving the
traditional bookkeeping model to triple entry bookkeeping :
transactions on blockchains are cryptographically sealed by third
entry. This creates a tamper-proof record of transactions stored in
blocks and verified by a distributed consensus mechanism.

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 INTRODUCTION
The blockchain is an immutable distributed digital ledger with
many use cases beyond cryptocurrencies. Blockchain technology is
the concept or protocol behind the running of the blockchain. The
Ethereum network is a public, decentralized peer-to-peer network.
It uses nodes and allows users to send and receive cryptocurrency
—in this case, Ether. Dapps are simply ‘decentralized apps,’ or
computer programs that interact with the Ethereum blockchain.
The main problems faced by traditional technologies are : Property
fraud, Inaccurate market statistics, Inaccessible property
information, High middlemen costs, high elapsed time, etc.
Blockchain gains asset over these kind of pitfalls since it is :
immutable, distributed, decentralized, scalale, etc.

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Private ethereum is setup and smart contracts are designed
and deployed. Decentralized web application that will allow
buyers and sellers to interact with private ethereum
network is designed and developed. The functionality is
tested from start to end by stimulating a transaction.
Since blockchain allows thousands of connected servers to
maintain a single, secure, immutable ledger, it can be used
for various business applications like foreign trade, banking
and finance, IOT systems, distributed storage in the cloud,
etc.

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 Conclusion
A typical residential real-estate transaction begins
when a property is listed on the market and offers can
be made towards it. Usage of this platform was
designed to mimic that, however before a property can
be listed, the seller must have it verified. The main aim
is to facilitate the transaction and it more secure and
reliable in real estate property.

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 References
• https://ieeexplore.ieee.org/stamp/stamp.jsp?tp=&
arnumber=8048631
• https://sci-hub.se/https://doi.org/10.1007/s12599-017-0467-3
• https://sci-hub.se/https://doi.org/10.1504/IJWGS.2018.095647
• https://sci-hub.se/https://doi.org/10.1016/j.future.2017.08.020
• https://bitcoin.org/bitcoin.pdf
• https://queue.acm.org/detail.cfm?id=3136559

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