REAL ESTATE AND BLOCKCHAIN TECHNOLOGY: TRANSFORMING PROPERTY LAW AND REVOLUTIONISING TRANSACTIONS
AUTHOR – SUPRANA CHAKRABORTY, STUDENT AT NATIONAL FORENSIC SCIENCES UNIVERSITY
Best Citation – SUPRANA CHAKRABORTY, REAL ESTATE AND BLOCKCHAIN TECHNOLOGY: TRANSFORMING PROPERTY LAW AND REVOLUTIONISING TRANSACTIONS, ILE PROPERTY AND LAND LAW REVIEW (ILE PLLR), 1 (1) of 2023, Pg. 7-14, APIS – 3920 – 0048 | ISBN – 978-81-964391-3-2.
I. Abstract
This research paper analyses how blockchain technology will affect property law and real estate transactions. The real estate industry is not an exception, since blockchain technology, known for its decentralised and transparent nature, has the potential to revolutionise many different industries. The study looks at how blockchain technology might be used in the real estate industry, with a particular emphasis on title verification, smart contracts, tokenizing real estate assets, and boosting trust and transparency[1]. In the introduction, the significance of real estate transactions and property law are highlighted together with some background information on blockchain technology.
Next, a thorough examination of blockchain technology’s role in real estate is conducted. Title verification, smart contracts, and asset tokenization are a few potential blockchain uses in real estate that are addressed. Additionally, the part looks at the advantages and benefits of adopting blockchain in real estate transactions, such as improved efficiency, lower costs, and greater transparency. The possible effects of blockchain on property law are also examined in the article. It investigates the potential effects of blockchain technology on conventional property law frameworks, as well as property ownership and transfer procedures. The potential impacts on middlemen and intermediaries in real estate transactions are also taken into account. An assessment of the overall influence of blockchain on real estate transactions and property law comes as the study’s conclusion. It contains recommendations for more study as well as things policymakers and stakeholders should take into account while summarising the main findings.
In conclusion, this research paper offers a thorough examination of how blockchain technology will affect property law and real estate transactions. This study advances knowledge of how this game-changing technology can change the real estate business by examining prospective uses, legal ramifications, and future adoption of blockchain.
II. Keywords – Blockchain technology, real estate transactions, property law, title verification, land registry