Abstract
The real estate industry holds a crucial position within global economies, exerting considerable impact on a range of sectors including steel, cement, and banking. In the context of India, the service sector holds the position of being the second-largest employment, following agriculture. This growth is primarily attributed to the expanding urban middle class. Over the course of the last decade, there has been a notable and remarkable upswing in the real estate industry, mostly driven by a heightened need for both commercial and residential properties. Metropolitan areas such as Mumbai, the National Capital Region (NCR), Bangalore, and other similar urban centers, in conjunction with their surrounding suburban regions, constitute significant economic hubs. In light of the pandemic-induced challenges, the real estate industry has experienced a resurgence in conjunction with the broader economic recuperation, driven by post-pandemic population movements, and a revitalized sense of trust among investors. Significantly, there has been a notable increase of 87% in private property investment during the past two years, indicating a revived sense of confidence in the market. India’s prospective role as a manufacturing hub in the aftermath of the COVID-19 pandemic has garnered global attention, owing to forecasts of significant investments in real estate and infrastructure. Despite the presence of favorable opportunities, there are nevertheless persistent obstacles. This study investigates the challenges encountered by the Indian real estate industry and investigates the possibility of blockchain technology in addressing these challenges.
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Notes
- 1.
ICO (Initial Coin Offering) is another type of cryptocurrency used by businesses to raise money. ICO trading platforms give investors special “tokens” in exchange for their money. It is a way of crowdfunding by creating and selling a digital token to help fund a project. This token works like a currency that gives you access to some of the features of the project run by the company. It is special because it helps fund open-source projects that would be hard to finance with traditional methods.
- 2.
Non-Fungible Tokens (NFTs) are unique digital identifiers that are stored on a blockchain and used to verify ownership and authenticity. NFTs cannot be duplicated, replaced, or subdivided. Ownership of NFTs is recorded on the blockchain and the owner can trade and sell NFTs. NFTs are created by anyone and require little or no coding skills. NFTs usually include references to digital files like artworks, photographs, videos, audio, etc. NFTs distinguish themselves from fungible cryptocurrencies.
- 3.
“ERC20” refers to a scripting standard used within the Ethereum blockchain. This technical standard dictates several rules and actions that an Ethereum token or smart contract must follow and steps to be able to implement it.
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Bose, M., Khalid, S., Yadav, A. (2024). Blockchain Application in Real Estate in India. In: Chaturvedi, A., Hasan, S.U., Roy, B.K., Tsaban, B. (eds) Cryptology and Network Security with Machine Learning. ICCNSML 2023. Lecture Notes in Networks and Systems, vol 918. Springer, Singapore. https://doi.org/10.1007/978-981-97-0641-9_31
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