A trustable real estate transaction based on public blockchain: a smart contract-driven framework
DOI:
https://doi.org/10.56294/sctconf2024763Keywords:
Land Registration (LR), Block Chain Technology(BCT), Peer-to-Peer Network (P2P), Cutting-Edge Technology (CET), Real Estate (RE), Smart Contracts (SC).Abstract
Introduction: the authorities responsible for Land Registration (LR) are often held accountable for the mishandling and forgery of LR documents in many countries. Some individuals may use a cutting-edge technology called Blockchain (BC) to digitally transfer assets such as currency, paperwork, and real estate (RE). Each transaction, monetary exchange, and shared information facilitated by a Peer-to-peer network (P2P) can be carried out through a designated node.
Methods: this paper proposes a method for secure transfer of land ownership using BC Technology without the involvement of intermediaries. Buyers and sellers are entering into a land ownership agreement via the Ethereum network. The decentralised systems has been to enhance their reliability. Currently, there is a growing development of decentralised solutions based on blockchain technology to tackle the limitations of centralised systems.
Results: the application of BC technology gradually mitigates the security concerns of the LR system. Due to the fact that each block is connected to the hash of the preceding one, each hash value will be unique. The SHA algorithm is employed for this purpose.
Conclusion: the ownership of the property cannot be transferred to the customer through the application. However, the smart contracts allow for automated updating of records
References
1. Stefanović M, Pržulj Ð, Ristić S, Stefanović D, and Nikolić D. Smart contract application for managing land administration system transactions. IEEE Access, 10, pp. 39154-39176. https://doi.org/10.1109/ACCESS.2022.3164444.
2. Hasan HR, and Salah K. Blockchain-based proof of delivery of physical assets with single and multiple transporters. Ieee Access, 6, pp. 46781-46793. https://doi.org/10.1109/ACCESS.2018.2866512.
3. Christidis K, and Devetsikiotis M. Blockchains and smart contracts for the internet of things. IEEE access, 4, pp. 2292-2303. https://doi.org/10.1109/ACCESS.2016.2566339.
4. Meng W, Tischhauser EW, Wang Q, Wang Y, and Han J. When intrusion detection meets blockchain technology: a review. Ieee Access, 6, pp. 10179-10188. https://doi.org/10.1109/ACCESS.2018.2799854.
5. Treleaven P, Brown RG, and Yang D. Blockchain technology in finance. Computer, 50(9), pp. 14-17. https://doi.org/10.1109/MC.2017.3571047.
6. Siaterlis C, Genge B, and Hohenadel M. EPIC: A testbed for scientifically rigorous cyber-physical security experimentation. IEEE Transactions on Emerging Topics in Computing, 1(2), pp. 319-330. https://doi.org/10.1109/TETC.2013.2287188.
7. Mirkovic J, Benzel TV, Faber T, Braden R, Wroclawski JT, and Schwab S. The DETER project: Advancing the science of cyber security experimentation and test. In IEEE International Conference on Technologies for Homeland Security (HST), pp. 1-7. https://doi.org/10.1109/THS.2010.5655108.
8. Kshetri N, and Voas J. Blockchain-enabled e-voting. Ieee Software, 35(4), pp. 95-99. https://doi.org/10.1109/MS.2018.2801546.
9. Thakkar P, Nathan S, and Viswanathan B. Performance benchmarking and optimizing hyperledger fabric blockchain platform. In IEEE 26th international symposium on modeling, analysis, and simulation of computer and telecommunication systems (MASCOTS), pp. 264-276. https://doi.org/10.1109/MASCOTS.2018.00034.
10. Thakker U, Patel R, Tanwar S, Kumar N, and Song H. Blockchain for diamond industry: Opportunities and challenges. IEEE Internet of Things Journal, 8(11), pp. 8747-8773. https://doi.org/10.1109/JIOT.2020.3047550.
11. Zheng Z, Xie S, Dai H, Chen X, and Wang H. An overview of blockchain technology: Architecture, consensus, and future trends. In IEEE international congress on big data (BigData congress), pp. 557-564. https://doi.org/10.1109/BigDataCongress.2017.85.
12. Dorri A, Steger M, Kanhere SS, and Jurdak R. Blockchain: A distributed solution to automotive security and privacy. IEEE communications magazine, 55(12), pp. 119-125. https://doi.org/10.1109/MCOM.2017.1700879.
13. Musamih A, Salah K, Jayaraman R, Arshad J, Debe M, Al-Hammadi Y, and Ellahham S. A blockchain-based approach for drug traceability in healthcare supply chain. IEEE access, 9, pp. 9728-9743. https://doi.org/10.1109/ACCESS.2021.3049920.
14. Omar IA, Jayaraman R, Salah K, Debe M, and Omar M. Enhancing vendor managed inventory supply chain operations using blockchain smart contracts. IEEE access, 8, pp. 182704-182719. https://doi.org/10.1109/ACCESS.2020.3028031.
15. Ahmad RW, Salah K, Jayaraman R, Yaqoob I, and Omar M. Blockchain for waste management in smart cities: A survey. IEEE Access, 9, pp. 131520-131541. https://doi.org/10.1109/ACCESS.2021.3113380.
16. Hasan HR, and Salah K. Proof of delivery of digital assets using blockchain and smart contracts. IEEE Access, 6, pp. 65439-65448. https://doi.org/10.1109/ACCESS.2018.2876971.
17. El Saddik A. Digital twins: The convergence of multimedia technologies. IEEE multimedia, 25(2), pp. 87-92. https://doi.org/10.1109/MMUL.2018.023121167.
18. Hasan HR, and Salah K. Combating deepfake videos using blockchain and smart contracts. Ieee Access, 7, pp. 41596-41606. https://doi.org/10.1109/ACCESS.2019.2905689.
19. Lyu L, Li Y, Nandakumar K, Yu J, and Ma X. How to democratise and protect AI: Fair and differentially private decentralised deep learning. IEEE Transactions on Dependable and Secure Computing, 19(2), pp. 1003-1017. https://doi.org/10.1109/TDSC.2020.3006287.
20. Feist J, Grieco G, and Groce A. Slither: a static analysis framework for smart contracts. In IEEE/ACM 2nd International Workshop on Emerging Trends in Software Engineering for Blockchain (WETSEB) pp. 8-15. https://doi.org/10.1109/WETSEB.2019.00008.
21. Musamih A, Salah K, Jayaraman R, Arshad J, Debe M, Al-Hammadi Y, and Ellahham S. A blockchain-based approach for drug traceability in healthcare supply chain. IEEE access, 9, pp. 9728-9743. https://doi.org/10.1109/ACCESS.2021.3049920.
22. Alkhader W, Salah K, Sleptchenko A, Jayaraman R, Yaqoob I, and Omar M. Blockchain-based decentralized digital manufacturing and supply for COVID-19 medical devices and supplies. Ieee Access, 9, pp. 137923-137940. https://doi.org/10.1109/ACCESS.2021.3118085.
23. Yaqoob I, Salah K, Uddin M, Jayaraman R, Omar M, and Imran M. Blockchain for digital twins: Recent advances and future research challenges. Ieee Network, 34(5), pp. 290-298. https://doi.org/10.1109/MNET.001.1900661.
24. Hasan HR, Salah K, Jayaraman R, Omar M, Yaqoob I, Pesic S, Taylor T, and Boscovic D. A blockchain-based approach for the creation of digital twins. IEEE Access, 8, pp. 34113-34126. https://doi.org/10.1109/ACCESS.2020.2974810.
25. Bal M, and Ner C. NFTracer: a Non-Fungible token tracking proof-of-concept using Hyperledger Fabric. arXiv preprint arXiv:1905.04795, pp. 1-9. https://doi.org/10.48550/arXiv.1905.04795.
26. Yuan Y, and Wang FY. Blockchain and cryptocurrencies: Model, techniques, and applications. IEEE Transactions on Systems, Man, and Cybernetics: Systems, 48(9), pp. 1421-1428. https://doi.org/10.1109/TSMC.2018.2854904.
27. Qin R, Yuan Y, and Wang FY. Research on the selection strategies of blockchain mining pools. IEEE Transactions on Computational Social Systems, 5(3), pp. 748-757. https://doi.org/10.1109/TCSS.2018.2861423.
28. Kosba A, Miller A, Shi E, Wen Z, and Papamanthou C. Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. In IEEE symposium on security and privacy (SP), pp. 839-858. https://doi.org/10.1109/SP.2016.55.
Published
Issue
Section
License
Copyright (c) 2024 R.Akila, Brindha Merin, Subhashini, Niyati Behera, Febin Varghese, Jeswanth.V (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
The article is distributed under the Creative Commons Attribution 4.0 License. Unless otherwise stated, associated published material is distributed under the same licence.
