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http://dx.doi.org/10.6109/jkiice.2021.25.2.286

Blockchain Property Registry and Smart Contract  

Han, Zonghie (Department of Real Estate, Daegu University)
Publication Information
Journal of the Korea Institute of Information and Communication Engineering / v.25, no.2, 2021 , pp. 286-293 More about this Journal
Abstract
Smart contract based on the blockchain technology can be applied to the real estate registry including transactions. The Ethereum coin using multi layered protocol is widely accepted as the token for the smart contract. Block chain smart contract using SOLIDITY or PYTHON can mediate transactions auch as sale or lease, creating various scenarios in the property market. Those smart contract can construct the basis for the blockchain real estate registry, which is expected to overcome conventional transaction costs concerning the national law system, the asymmetric information and the currency exchange. The advantages of blockchain technology, namely security, decentralization, global transparency and openness can be applied to the smart contract system on the property registry. Several countries have advanced such blockchain real estate registry project recently, but no actual implementation has been reported for years, owing to institutional and technological impasses.
Keywords
Blockchain; Smart contract; Ethereum; Property registry;
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