BlockYards: A Blockchain-Powered System for Secure Real Estate Transactions

Abstract

The real estate industry holds a paramount position within Pakistan, propelled by the surging trends of urbanization and globalization. Despite its growth, challenges persist, encompassing property scams, fraud, and unauthorized property claims, transactions, and holdings. Consequently, ensuring the security and credibility of real estate dealings remains pivotal. Various web and app solutions have emerged to market real estate properties, yet none of them has established an online platform for verified transactions. Presently, both sellers and buyers are compelled to navigate cumbersome procedures for property registration and ownership documentation, typically conducted in person, lacking instantaneous and authenticated online validation. Addressing these limitations, BlockYards has devised a solution by immersing comprehensive property information and transaction data within a publicly accessible Ethereum Blockchain. This innovation benefits all stakeholders, including users and law enforcement agencies, facilitating the tracking of an individual's or organization's assets. Public transparency is achieved as a public Blockchain exposes the activity and history of asset transfers associated with a specific hash on the network. Employing a consensus mechanism, this technology safeguards the integrity of asset transactions by ensuring that once a transaction record garners verification from the majority of nodes on the network, it becomes unalterable, resistant to updates or hacking, thus establishing immutable logs. Furthermore, BlockYards integrates a tool fueled by Machine Learning decision models that accurately predict the real value of a property based on comprehensive property attributes. This feature eradicates the practice of inaccurate real estate price estimations, empowering users to confidently list their property values. In essence, BlockYards empowers users to trade properties at their genuine worth once certain conditions are met, normalizing transparency within the online property market through the application of Blockchain's potent capabilities.