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Leveraging Blockchain and NFTs for Collaborative Real Estate Transactions

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Cloud Computing – CLOUD 2023 (CLOUD 2023)

Part of the book series: Lecture Notes in Computer Science ((LNCS,volume 14204))

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Abstract

This paper delves into the transformative potential of block- chain technology and Non-Fungible Tokens (NFTs) in the real estate sector, a critical component of social computing. Traditional real estate transactions are often fraught with inefficiencies, opacity, and a lack of trust, which can hinder the sector’s growth and its ability to contribute to social computing. To address these limitations, we introduce a collaborative approach that leverages blockchain technology, smart contracts, NFTs, and the InterPlanetary File System (IPFS). These technologies, when applied to real estate transactions, can enhance transparency, reduce transaction times, and foster a more collaborative and trustful environment. The motivation for this paper is rooted in the need to revolutionize the real estate sector, making it more efficient, transparent, and conducive to social computing. We believe that the integration of blockchain technology and NFTs can significantly contribute to this transformation. Our work makes three significant contributions. First, we propose a novel real estate model based on blockchain technology, which addresses the current limitations in the sector. Second, we implement a proof-of-concept based on the proposed model, demonstrating its feasibility and effectiveness. Lastly, we deploy the proof-of-concept on four EVM-supported platforms, namely BNB Smart Chain, Fantom, Polygon, and Celo. This allows us to evaluate each platform’s suitability for our proposed model, ensuring optimal performance and efficiency.

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Notes

  1. 1.

    We provide the traditional model for the sale activities. For the rent activities, the model is designed in the same idea.

  2. 2.

    Each arrow in the model represents a relationship or action between the components of the model. For example, the (O) engage the Agency to facilitate the transaction, and they transfer the Certificate to the Buyer to give them ownership of the Land.

  3. 3.

    https://github.com/bnb-chain/whitepaper/blob/master/WHITEPAPER.md.

  4. 4.

    https://polygon.technology/lightpaper-polygon.pdf.

  5. 5.

    https://whitepaper.io/document/438/fantom-whitepaper.

  6. 6.

    https://celo.org/papers/whitepaper.

  7. 7.

    We have provide the source code of our proof-of-concepts of blockchain-based real estate management system in https://github.com/SonHaXuan/real_estate.

  8. 8.

    https://testnet.bscscan.com/address/0x3e476a4c5fe0a7684125d077f7ccb385610ceec3.

  9. 9.

    https://mumbai.polygonscan.com/address/0x3e476a4c5fe0a7684125d077f7ccb385610ceec3.

  10. 10.

    https://testnet.ftmscan.com/address/0x3e476a4c5fe0a7684125d077f7ccb385610ceec3.

  11. 11.

    https://explorer.celo.org/alfajores/address/0x3E476a4C5Fe0A7684125D077f7CCb385610CEeC3/transactions.

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Authors and Affiliations

  1. FPT University, Can Tho, Vietnam

    Vinh T. Nguyen, Triet M. Nguyen, Hong K. Vo, Khoa T. Dang, Khiem H. Gia, Phuc N. Trong, Bang L. Khanh & Ngan N. T. Kim

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  1. Vinh T. Nguyen
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Correspondence to Vinh T. Nguyen or Triet M. Nguyen .

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Editors and Affiliations

  1. Georgia Institute of Technology, Atlanta, GA, USA

    Min Luo

  2. Shenzhen Entrepreneurship and Innovation Federation, Shenzhen, China

    Liang-Jie Zhang

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Nguyen, V.T. et al. (2024). Leveraging Blockchain and NFTs for Collaborative Real Estate Transactions. In: Luo, M., Zhang, LJ. (eds) Cloud Computing – CLOUD 2023. CLOUD 2023. Lecture Notes in Computer Science, vol 14204. Springer, Cham. https://doi.org/10.1007/978-3-031-51709-9_1

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  • DOI: https://doi.org/10.1007/978-3-031-51709-9_1

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-031-51708-2

  • Online ISBN: 978-3-031-51709-9

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