Innovative and secure decentralized approach to process real estate transactions by utilizing private blockchain

Vishalkumar Langaliya, Jaypalsinh A. Gohil
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Abstract

Abstract Purpose This research introduces a decentralized method for handling real estate transactions through the utilization of private blockchain technology. The authors pinpoint the primary challenges within the prevailing transaction procedures in India and advocate for the integration of blockchain technology as a solution. Ultimately, the study concludes that the proposed system has the potential to optimize transaction processes within Indian government offices, fostering heightened efficiency, transparency, and a reduction in corrupt practices. Methods/design/methodology The current transaction process and the centralized technology are investigated using a physical observation approach at the government office. Following that, numerous parties are questioned to identify the main pain areas in the process. The outcomes of the interviews are used to create a blockchain solution that addresses the identified pain points. Following the design, interviewees are requested to validate the suggested model. Findings Some of the primary pain areas found in the real estate transaction procedure include that it is impossible to avoid single-point failure due to the present centralized transaction process, the possibility of corruption at any point, and the lack of data available at each node. Using blockchain techniques, the suggested decentralized application enhances the way transactions are processed and ensures the quality of data availability, transparency, and the elimination of single points of failure. Practical implications and simulation process A private blockchain application is created to improve the real estate transaction procedure at the Indian government office. One complex front end is created to receive information about the seller, the buyer’s property, and the payment, and a suitable database is employed to hold the sensitive data. Data is moved to the private blockchain for final execution when the smart business logic has been applied to the necessary information. One artificial utility is created that places a heavy load on the proposed system and measures the load trashing to validate it. It generates an enormous amount of sample data to verify the suggested system. Originality/value According to recent research, blockchain technology has the potential to get better efficiency, transparency, security, data accessibility, and thus trust in the transaction process. As a result, the suggested application is beneficial to the future of the Indian real estate transaction process.
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利用私有区块链,以创新和安全的分散方式处理房地产交易
本研究介绍了一种利用私有区块链技术处理房地产交易的去中心化方法。作者指出了印度现行交易程序中的主要挑战,并主张将区块链技术作为一种解决方案。最终,该研究得出的结论是,拟议中的系统有可能优化印度政府办公室的交易流程,提高效率、透明度,减少腐败行为。方法/设计/方法学采用物理观察方法在政府办公室调查当前的交易过程和集中技术。在此之后,对许多当事人进行询问,以确定过程中的主要痛苦区域。访谈的结果用于创建解决已确定痛点的区块链解决方案。在设计之后,受访者被要求验证建议的模型。在房地产交易过程中发现的一些主要痛点包括,由于目前的集中式交易流程,不可能避免单点故障,任何点都可能出现腐败,以及每个节点缺乏可用的数据。使用区块链技术,建议的去中心化应用程序增强了交易的处理方式,并确保数据可用性、透明度和消除单点故障的质量。为了改善印度政府办公室的房地产交易流程,创建了一个私人区块链应用程序。创建一个复杂的前端来接收有关卖方、买方的财产和付款的信息,并使用一个合适的数据库来保存敏感数据。当智能业务逻辑应用于必要的信息时,数据被移动到私有区块链进行最终执行。创建了一个人工实用程序,它在建议的系统上放置一个沉重的负载,并测量负载垃圾以验证它。它生成大量的样本数据来验证所建议的系统。根据最近的研究,区块链技术有可能在交易过程中获得更好的效率、透明度、安全性、数据可访问性以及信任。因此,建议的应用程序对未来印度房地产交易流程是有益的。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Discover Internet of Things
Discover Internet of Things Internet of Things (IoT)-
CiteScore
7.50
自引率
0.00%
发文量
6
审稿时长
28 days
期刊介绍: Discover Internet of Things is part of the Discover journal series committed to providing a streamlined submission process, rapid review and publication, and a high level of author service at every stage. It is an open access, community-focussed journal publishing research from across all fields relevant to the Internet of Things (IoT), providing cutting-edge and state-of-art research findings to researchers, academicians, students, and engineers. Discover Internet of Things is a broad, open access journal publishing research from across all fields relevant to IoT. Discover Internet of Things covers concepts at the component, hardware, and system level as well as programming, operating systems, software, applications and other technology-oriented research topics. The journal is uniquely interdisciplinary because its scope spans several research communities, ranging from computer systems to communication, optimisation, big data analytics, and application. It is also intended that articles published in Discover Internet of Things may help to support and accelerate Sustainable Development Goal 9: ‘Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation’. Discover Internet of Things welcomes all observational, experimental, theoretical, analytical, mathematical modelling, data-driven, and applied approaches that advance the study of all aspects of IoT research.
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