6533b7d8fe1ef96bd12699b8

RESEARCH PRODUCT

Challenges and Opportunities using MultiChain for Real Estate

Pierluigi GalloMirko Avantaggiato

subject

ImmutabilityTraceabilitySettore ING-INF/03 - TelecomunicazioniComputer scienceTransparency (market)media_common.quotation_subject020206 networking & telecommunicationsReal estate02 engineering and technologyData scienceNegotiationIntermediaryWorkflow0202 electrical engineering electronic engineering information engineeringBlockchain smart filter smart contract real estate020201 artificial intelligence & image processingArchitecturemedia_common

description

The real estate market involves multiple untrusted actors with contrasting objectives. We propose REchain, a blockchain-based platform for real estate, which provides benefits to all actors in terms of transparency, trust, immutability, and traceability. REchain architecture handles real estate data through well-defined workflows that leverage the MultiChain platform. REchain changes the real estate market enabling direct transactions without intermediaries, and providing new mechanisms for negotiating the purchase conditions. This paper refutes the misleading idea of using blockchains for solving generic problems as blockchain platforms have peculiar features that make them suitable for specific applications. REchain circumvents the intrinsic limits of smart filters by introducing off-chain procedures. REchain is platform-agnostic, but many aspects of the actual implementation of the smart logic depend on the underlying blockchain platform. The experimental results are promising and motivate us to explore the direction of automatic behaviour in real estate further.

yearjournalcountryeditionlanguage
2019-06-012019 IEEE International Black Sea Conference on Communications and Networking (BlackSeaCom)
https://doi.org/10.1109/blackseacom.2019.8812780