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
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Pinata platform: https://www.pinata.cloud/.
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Since the double-blind of the manuscript, we will provide our code when it’s public.
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Tien, D.B. et al. (2024). From Bricks to Bits: Revolutionizing Real Estate for the Digital World. In: Koucheryavy, Y., Aziz, A. (eds) Internet of Things, Smart Spaces, and Next Generation Networks and Systems. NEW2AN ruSMART 2023 2023. Lecture Notes in Computer Science, vol 14543. Springer, Cham. https://doi.org/10.1007/978-3-031-60997-8_11
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