Abstract
This paper delves into the transformative potential of blockchain technology in the real estate sector, with a particular emphasis on Vietnam, a developing country with unique challenges. Traditional real estate processes in such contexts often suffer from issues such as lack of transparency, high intermediary fees, time-consuming document validation, and potential for fraud. These limitations create a pressing need for a more efficient, transparent, and secure system. In response to this, we explore the application of collaborative technologies, specifically blockchain and smart contracts, to redefine and streamline the real estate sector. We propose a novel model that leverages these technologies to address the identified issues. The model is designed to enhance transparency, reduce transaction times, and minimize the potential for fraud, thereby instilling greater trust in the real estate transaction process. This paper provides a comprehensive model for the real estate sector based on blockchain and smart contracts, addressing the specific challenges of the real estate sector in developing countries (i.e., Vietnam). We implement this model as a proof-of-concept on the Hyperledger Fabric platform, demonstrating its practical feasibility and benefits. Lastly, we evaluate the performance and efficiency of our model using the Hyperledger Caliper platform, providing valuable insights into its strengths and areas for potential improvement. The findings of this paper could significantly contribute to the evolution of the real estate sector in Vietnam and other similar markets, paving the social computing - in a case study of an efficient and secure real estate transaction process.
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Notes
- 1.
We apply the most common model appy in the real estate company in Vietnam.
- 2.
Each arrow in the diagram represents a relationship or influence between the components of the model. For example, Hyperledger Fabric provides transparency and trust to the real estate market, and government regulations influence the adoption and use of blockchain technology.
- 3.
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Nguyen Hoang, K. et al. (2023). Blockchain as a Collaborative Technology - Case Studies in the Real Estate Sector in Vietnam. In: Wu, S., Yang, W., Amin, M.B., Kang, BH., Xu, G. (eds) Knowledge Management and Acquisition for Intelligent Systems. PKAW 2023. Lecture Notes in Computer Science(), vol 14317. Springer, Singapore. https://doi.org/10.1007/978-981-99-7855-7_9
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