BlockEstate: Revolutionizing Real Estate Transactions through Hyperledger-based Blockchain Technology
Laviza Falak Naz, Rohail Qamar, Raheela Asif, Saad Ahmed, Muhammad Ali Imran · Engineering Technology & Applied Science Research · 2024
This study introduces BlockEstate, an innovative platform to revolutionize real estate transactions through the application of Hyperledger blockchain technology. BlockEstate presents novel contributions in the form of a pioneering compensation request mechanism and a sophisticated chaincode for real estate transaction management. These advancements address long-standing challenges in traditional real estate transactions by leveraging the decentralization, immutability, and transparency of blockchain technology. By ensuring secure and transparent financial transactions and automating property ownership conveyances, BlockEstate sets a new standard for efficiency and safety in the real estate industry. This study comprehensively investigates the design, functionality, and impact of BlockEstate, highlighting its unique contributions and potential to transform the real estate market.