Ethereum Smart Contract Deployment for a Real Estate Management System (REMS) Implemented in Blockchain

Abstract

The real industry is crucial sector of the world wide financial system, with significant economic, social and environmental implications. However, real estate transactions are often slow, complex and costly and can be prone to fraud errors, which can lead to significant financial losses and legal disputes. This paper proposes the adoption of blockchain technology in real estate cadastral systems as a solution to the challenges encountered in managing property ownership and transactions. We have described the implementation of our prototype called REMS (Real Estate Management System) and we have presented the deployment of smart contracts in Ethereum platform. Based on measurement, benchmarks and other observation of the system, we have evaluated the server usage of the blockchain network and decided whether Blockchain-as-a-Service (BaaS) should be involved or not in our system. The study results demonstrate the successful implementation of a real estate management system (REMS) using blockchain technology and Ethereum's smart contracts. This study is important because it confirms that similar solutions can be implemented in other areas of public administration, where the structure of the work is similar, i.e. where we deal with issuing documents to citizens.