Developing the Real Estate Rental Sector in Third World Countries Using Blockchain Technology
Muthana Alisawi, Aras Al-dawoodi, Yousif Mohammed Wahab, Layth Hammood, Asmaa Yaseen Nawaf, Alaan Ghazi · Practice, progress, and proficiency in sustainability · 2022
Blockchain technology represents an attractive factor for sectors that are interested in managing and keeping their transactions on a database that records all the movements that take place on each transaction. Therefore, to keep pace with the digital transformation taking place in this field of the real estate sector, this chapter aims to submit a proposal in the Iraqi real estate sector to implement this technology. In addition, the chapter clarified the current mechanism adopted in Iraq in completing real estate rental transactions and the problems that accompany this method. Then, the authors explained the advantages provided by the application of blockchain technology through the smart contract, in addition to eliminating the problems of tax evasion in this sector. Despite the negative points that this technology suffers from, it still represents a safe environment for preserving, managing, and exchanging information.