A recent study co-authored by researchers from the AI and Robotics Institute at Near East University has made significant strides in the integration of blockchain technology into smart real estate management within smart cities. This research, aligning with the Sustainable Development Goals related to fostering innovation in industry and building sustainable cities and communities, proposes a groundbreaking conceptual framework for the adoption of blockchain smart contracts in real estate management.
The study, based on a systematic literature review spanning two decades, identifies ten critical aspects of blockchain smart contracts, categorizing them into six distinct layers. These layers form a comprehensive framework for implementing smart contracts in smart real estate transactions, highlighting the transformative potential of blockchain in the real estate sector.
Key to this framework is the development and interaction of decentralized applications (DApps) with the Ethereum Virtual Machine (EVM), showcasing a novel approach to developing smart contracts tailored for real estate transactions. The study presents a detailed design and interaction mechanism for real estate owners and users, emphasizing an enhanced, user-friendly contracting process. This is expected to revolutionize the traditional real estate landscape, aligning it with the requirements of Industry 4.0 and transforming it into a smart real estate model.
The findings underscore the importance of blockchain smart contracts in creating more secure, transparent, and efficient processes for real estate transactions. This advancement is anticipated to benefit all stakeholders involved, including users, owners, Proptech companies, and real estate agents, by fostering increased business opportunities and sales.
Furthermore, the study highlights the potential for further research and development in this area. Future investigations could explore the integration of other technologies like AI and machine learning to enhance the implementation of blockchain smart contracts. This holistic approach is expected to contribute significantly to the development of smart cities, embodying the spirit of innovation and sustainable urban development.
In conclusion, the research by Near East University offers a valuable contribution to the evolving field of smart real estate management. It presents a practical and innovative framework that not only addresses current challenges in the real estate sector but also paves the way for future advancements, aligning with the global goals of creating sustainable and innovative urban environments.
For further details, access the original paper from the publisher’s link:
https://link.springer.com/article/10.1007/s00521-021-05800-6
