Smart Contracts in Real Estate: Enhancing Efficiency, Security, and Fraud Prevention Through Blockchain Technology - Modified Proof of Authorization (M-POA)
Subbarayudu, Hemalatha M · 2024
The real estate market is gradually changing with the pace of technology enhancement. While modernization with processes such as online platforms, virtual tours, and eSignatures has made some progress in this industry, a lot of challenges lie ahead, especially in security and fraud. This article addresses all these issues through the introduction of a new real estate ecosystem using blockchain technology but mainly with the Proof of Authorization (PoA) consensus mechanism. Blockchain technology offers an immutable ledger system whereby all property data and transactions are permanently recorded and verified. However, our research goes a step further in utilizing PoA. Unlike blockchain open models, PoA participation is restricted to only authorized entities within the network. They go through rigorous verification procedures, thus making fraudulent activities close to impossible under public and permission less models. By employing PoA, create a trust framework where only authenticated participants can transact on the system. This very much minimizes the realm potential to be governed by fraud. In short, the study used and empowered by blockchain, and security backed by PoA, is developing much more secure, transparent, and efficient setup of real estate transactions, developing trust and confidence within the stakes toward a future where real estates' transaction would be fast, secure, and fraud-free. With this innovation, the business of real estate is moving in a direction that is more effective, secure, and trustful.