Blockchain Ecosystem for the Real Estate Industry

Abstract

Blockchain is a fast-rising technology that has the potential to change how we pay for things, verify infor-mation, or buy or sell. Today, we see how blockchain has an impact on many industries, and real estate is one of them. Some of the issues that this industry is facing now are a lack of liquidity, complicated transactions, and many frauds in process. The purpose of this paper is to focus on the theoret-ical explanation of the blockchain ecosystem within the real estate industry. In other words, how blockchain, combined with smart contracts, can be used in the real estate sector and how this industry can benefit from using this technology We start with an explanation of the blockchain technology itself and then explain how this technology can be implemented in the real estate industry. The special focus of this paper is the theoretical example of a system for real estate transaction processing that uses blockchain technology.