Abstract:
The real estate market, as an engine of economic growth, directly affects both financial stability and the development of communities at local and global levels. Neverthe...Show MoreMetadata
Abstract:
The real estate market, as an engine of economic growth, directly affects both financial stability and the development of communities at local and global levels. Nevertheless, it faces significant challenges, ranging from complex legislative processes and bureaucratic inefficiencies to fraud risks and high costs. Addressing these issues requires a paradigm shift to improve efficiency and transparency in this sector. The proposed solution aims to integrate emerging technologies such as blockchain and smart contracts to secure transactions and create a tamper-proof digital history. The implementation of dynamic non-fungible tokens (dNFTs) facilitates property transfers and digitally models real estate assets. A novel communication protocol and store policy are proposed for storing real estate information on the blockchain network and on decentralized storage so that the digital token representing the property can change based on external factors, e.g., change in ownership, actual updates being done on the property, or an update in valuation. The proposed framework ensures trustworthiness, transparency, traceability and security, while providing a flexible architecture with the main system components, including ways to model, update, list and buy a real estate property.
Date of Conference: 10-12 October 2024
Date Added to IEEE Xplore: 11 November 2024
ISBN Information: