Blockchain Technology in Real Estate: Applications, Challenges, and Future Prospects
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Abstract
Blockchain technology has emerged as a transformative force across various industries, including agriculture, education, healthcare, information technology (IT), and notably, real estate. Within the real estate sector, there is a discernible shift away from traditional paper-based processes towards digitalization. Blockchain technology has ushered in a new era by ensuring secure record-keeping and facilitating safe transactions. However, real estate investment has faced persistent challenges related to liquidity and global accessibility, factors that have constrained the expansion of its investor base. Nonetheless, stakeholders such as real estate investors and property owners have expressed satisfaction with the current state of affairs.This paper focuses on the specific impact of blockchain technology on the real estate sector and provide insights into the integration of cryptocurrencies within this industry. It also explores the global implications of blockchain technology in real estate, shedding light on the intricate relationship and interaction between blockchain and the real estate domain. In contemporary society, technology has seamlessly woven itself into the fabric of our daily lives, with blockchain standing out as a technological revolution. This innovation brings heightened security, precision, and efficiency to various frameworks. Functioning as a distributed network database, blockchain securely stores transaction data, primarily involving cryptocurrencies, with data maintenance distributed across interconnected computers to prevent manipulation. Transactions are organized into immutable blocks that are securely linked together, giving rise to the term "blockchain." Notably, these blocks house data that extends beyond financial transactions, encompassing an array of valuable information.This paper aims to delve into the applications of blockchain in real estate, travel, and education systems while offering a balanced analysis of its advantages and disadvantages. Additionally, it identifies both major and minor challenges facing blockchain technology, paving the way for a comprehensive understanding of its potential impact on the real estate industry's future.
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