Challenges and Opportunities using MultiChain for Real Estate

Abstract

The real estate market involves multiple untrusted actors with contrasting objectives. We propose REchain, a blockchain-based platform for real estate, which provides benefits to all actors in terms of transparency, trust, immutability, and traceability. REchain architecture handles real estate data through well-defined workflows that leverage the MultiChain platform. REchain changes the real estate market enabling direct transactions without intermediaries, and providing new mechanisms for negotiating the purchase conditions. This paper refutes the misleading idea of using blockchains for solving generic problems as blockchain platforms have peculiar features that make them suitable for specific applications. REchain circumvents the intrinsic limits of smart filters by introducing off-chain procedures. REchain is platform-agnostic, but many aspects of the actual implementation of the smart logic depend on the underlying blockchain platform. The experimental results are promising and motivate us to explore the direction of automatic behaviour in real estate further.