| dc.description.abstract | Block chain is widely known as the underlying
technology powering bitcoin. However, with the wide usage of
technology, the block chain based smart contracts are being used
to serve a wide range of data set such as financing, purchasing,
leasing, sale and management of property transactions. This
research embarked on determining the applicability of smart
contract in the real estate industry. The researcher explored the
usage of smart contract in management of property, purchasing,
leasing and sales. Data was collected using secondary data from
different articles and journals. From the findings revealed that,
the real estate industry is transforming fast and there is need to
have all the data in one place to reduce cases of fraud and
simplify the title deed record process. Smart contract eases the
lack of trust between the buyer and seller since with block chain,
data is more transparent and there is accurate record keeping. It
also provides an opportunity for auto-confirmation by the land
registries and enhances transparency. It was further revealed
that with smart contracts, several entitles can modify the
database including tenants, owners, investors and lenders.
Recommendations indicate the real estate industry should adopt
block chain due to its usefulness and ability to create a difference
in the industry | en_US |
