A conceptual framework for blockchain smart contract adoption to manage real estate deals in smart cities

Ullah, Fahim ORCID: https://orcid.org/0000-0002-6221-1175 and Al-Turjman, Fadi (2021) A conceptual framework for blockchain smart contract adoption to manage real estate deals in smart cities. Neural Computing and Applications. pp. 1-22. ISSN 0941-0643


Abstract

Blockchains-based smart contracts are disrupting the smart real estate sector of the smart cities. The current study explores the literature focused on blockchain smart contracts in smart real estate and proposes a conceptual framework for its adoption in smart cities. Based on a systematic review method, the literature published between 2000 and 2020 is explored and analyzed. From the literature, ten key aspects of the blockchain smart contracts are highlighted that are grouped into six layers for adopting the smart contracts in smart real estate. The decentralized application and its interactions with Ethereum Virtual Machine (EVM) are presented to show the development of a smart contract that can be used for blockchain smart contracts in real estate. Further, a detailed design and interaction mechanism are highlighted for the real estate owners and users as parties to a smart contract. A list of functions for initiating, creating, modifying, or terminating a smart contract is presented along with a stepwise procedure for establishing and terminating smart contracts. The current study can help the users enjoy a more immersive, user-friendly, and visualized contracting process, whereas the owners, property technologies (Proptech) companies, and real estate agents can enjoy more business and sales. This can help disrupt traditional real estate and transform it into smart real estate in line with industry 4.0 requirements.


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Item Type: Article (Commonwealth Reporting Category C)
Refereed: Yes
Item Status: Live Archive
Faculty/School / Institute/Centre: No Faculty
Faculty/School / Institute/Centre: No Faculty
Date Deposited: 02 Aug 2021 03:55
Last Modified: 02 Aug 2021 03:55
Uncontrolled Keywords: Blockchain; Smart contracts; Smart real estate management; Smart cities; Smart contract implementation; Smart contract design
Fields of Research (2008): 12 Built Environment and Design > 1299 Other Built Environment and Design > 129999 Built Environment and Design not elsewhere classified
10 Technology > 1099 Other Technology > 109999 Technology not elsewhere classified
12 Built Environment and Design > 1202 Building > 120201 Building Construction Management and Project Planning
Fields of Research (2020): 33 BUILT ENVIRONMENT AND DESIGN > 3302 Building > 330201 Automation and technology in building and construction
Identification Number or DOI: https://doi.org/10.1007/s00521-021-05800-6
URI: http://eprints.usq.edu.au/id/eprint/42589

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