Revolutionizing the Real Estate Ecosystem with Blockchain: Opportunities, Challenges, and Future Prospects
Keywords:real estate, blockchain technologies
A blockchain transaction is an electronic transaction that is visible to everyone. This ledger is dispersed over a network of computers, preventing it from being under the control of a single controlling entity. The real estate ecosystem is often characterized by lengthy and difficult processes that create problems such as inefficiency, lack of transparency and fraud. As the benefits of this system are better understood, blockchain technology is increasingly being used in real estate transactions. Blockchain offers a safe, decentralised method to track and transfer asset ownership. The real estate sector might undergo a revolution as a result of this. This is because blockchain technology makes it possible to transfer assets digitally, doing away with the need for paper contracts or other physical documents. Because it eliminates middlemen, reduces fraud, and makes transactions transparent and safe, it has the power to totally revolutionise the real estate market. This study explores the potential of blockchain technology to transform the real estate sector. The conventional real estate market is briefly reviewed in the first section of the article, along with some of its drawbacks such as lack of transparency, the employment of middlemen, and protracted transaction timeframes. The use of blockchain in the real estate industry is also covered in the paper, along with any potential legal or regulatory issues, as well as its advantages and disadvantages. The discussion of blockchain technology's potential to provide a decentralised, open, and secure platform for real estate transactions follows. In the study's conclusion, it is discussed how the technology might be used in the future to improve real estate administration, make fractional ownership simpler, and open up new opportunities for real estate investment. The key conclusion of the study is that blockchain has the ability to transform the real estate sector, increase output, and give stakeholders new options.
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Copyright (c) 2023 Aleksandar Arnautović, Marijana Despotović-Zrakić, Aleksandra Labus
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