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Collaborative Smart Contracts (CoSC): example of real estate purchase and sale(s)

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Abstract

The emergence of blockchain technology has opened up opportunities for innovative solutions in various fields. One of these solutions is the concept of smart contracts(SCs), which can automate the execution of contract terms and conditions. In this paper, we introduce Collaborative Smart Contracts (CoSC), a novel approach that combines the benefits of smart contracts and collaborative decision-making. CoSC allows multiple parties to participate in the contract execution process, enabling a more transparent and fair system. We present an example of the application of CoSC in the real estate industry, specifically in the purchase and sale of properties. Our proposed approach utilizes a consortium blockchain network to create a secure and decentralized environment for CoSC. The CoSC platform facilitates communication, collaboration, and decision-making between the buyer, seller, and other relevant parties involved in the transaction. We evaluate the performance of the CoSC platform in terms of execution time, benefits, and security. With the CoSC platform, an average of 20+% success is achieved in terms of execution time. Our results demonstrate that CoSC is a promising solution for complex, multi-party transactions and can improve the efficiency, transparency, and trustworthiness of the real estate industry.

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The authors have no relevant financial or non-financial interests to disclose.

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TT wrote the manuscript with support from SB. TT developed the theory and performed the computations, planned and carried out the simulations. SB verified the analytical methods. SB was in charge of overall direction and planning. All authors contributed to the interpretation of the results, provided critical feedback, and helped shape the research, analysis, and manuscript.

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Correspondence to Tunahan Timuçin.

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Timuçin, T., Biroǧul, S. Collaborative Smart Contracts (CoSC): example of real estate purchase and sale(s). J Supercomput 79, 13442–13461 (2023). https://doi.org/10.1007/s11227-023-05196-1

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