Real Estate Transactions using Blockchain Technology

University essay from Umeå universitet/Institutionen för tillämpad fysik och elektronik

Abstract: Banking is considered only one of many industries that could benefit from using blockchain technology. A promising area in blockchain technology is so-called smart contracts, which is automated, decentralized and programmable contract solutions. Smart contracts can control the transfer of currencies or assets between parties under given conditions. The thesis work shows how blockchain technology could be applied to real estate transactions and minimize the need for third party involvement. The purpose of this paper is to provide an overview of the blockchain technology and its possible applications in the real estate market. The focus was on exploring the process of real estate transactions and problems that could be resolved by using smart contracts and blockchain technology. Witha qualitative research approach and a case study analysis, a proposition of a solution was made and discussed with its benefits and drawbacks. The goal was to in the process find the answers for the research questions such as: How can real estate transactions benefit from blockchain technology? What would it cost to store the necessary data on the main chain of Ethereum? How could blockchain technology be used for managing the transaction of the down payment? Even though a collaboration of systems and smart contracts could handle almost every aspect of a real estate transaction, there are still legal boundaries to it being legally enforceable. The blockchain technology could contribute to more efficient and transparent systems compared to traditional centralized solutions.

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