FRAUD PREVENTION IN REAL ESTATE USING BLOCKCHAIN

Abstract

The real estate industry is crucial sector of the world economy Buying and selling properties usually takes a long time, is complicated, and can be expensive.There's also a risk of mistakes and fraud, which might cause big financial losses and legal problems.This research paper delves into the innovative use of blockchain technology to address the pervasive issue of fraud within the real estate industry.By introducing a comprehensive system where user authentication is conducted through Aadhaar numbers, properties are represented as Non-Fungible Tokens (NFTs), and transactions involve the crucial oversight of designated inspectors, this paper aims to provide a robust framework for fraud prevention.Additionally, it explores how blockchain's inherent properties prevent instances of double selling, thus bolstering the integrity of real estate transactions.The research demonstrates the effective utilization of blockchain technology and Ethereum's smart contracts.The immutability nature of the blockchain ledger and transactions can provide a safe environment for the real estate sector.The project also identified some challenges and opportunities for blockchain adoption in the real estate industry.One of the challenges is the lack of awareness and understanding of blockchain technology.Another challenge is the regulatory environment, which is currently unclear.However, there are many opportunities for blockchain adoption in the real estate industry, such as streamlining the real estate transaction process, reducing fraud, and improving transparency.