Generative AI for Smart Contracts in Real Estate Business

Abstract

The rapid advancements in Generative AI have opened new possibilities for automating complex processes, such as the generation of smart contracts within the real estate industry. This paper presents a comprehensive review of existing literature and research on the application of Gen AI in creating smart contracts, with a focus on ensuring correctness, fairness, and data privacy. We explore the methodologies employed in using large language models (LLMs) like GPT-4 to develop smart contract requirements that are not only precise but also adaptable to the evolving needs of stakeholders in real estate transactions. Additionally, we discuss the critical role of human oversight in refining AI-generated specifications to meet regulatory and ethical standards, thereby enhancing the reliability and transparency of automated contracts. Through this analysis, we highlight the potential of Gen AI to revolutionize the real estate industry by streamlining the creation of smart contracts, reducing the risk of human error, and ensuring that transactions are secure, fair, and compliant with privacy regulations.