A conceptual framework for blockchain smart contract adoption to manage real estate deals in smart cities
Article
Article Title | A conceptual framework for blockchain smart contract adoption to manage real estate deals in smart cities |
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ERA Journal ID | 18089 |
Article Category | Article |
Authors | Ullah, Fahim (Author) and Al-Turjman, Fadi (Author) |
Journal Title | Neural Computing and Applications |
Journal Citation | 35 (7), p. 5033–5054 |
Number of Pages | 22 |
Year | 2023 |
Publisher | Springer |
Place of Publication | United Kingdom |
ISSN | 0941-0643 |
1433-3058 | |
Digital Object Identifier (DOI) | https://doi.org/10.1007/s00521-021-05800-6 |
Web Address (URL) | https://link.springer.com/article/10.1007/s00521-021-05800-6 |
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. |
Keywords | Blockchain; Smart contracts; Smart real estate management; Smart cities; Smart contract implementation; Smart contract design |
ANZSRC Field of Research 2020 | 330201. Automation and technology in building and construction |
Public Notes | Files associated with this item cannot be displayed due to copyright restrictions. |
Institution of Origin | University of Southern Queensland |
Byline Affiliations | University of Southern Queensland |
Near East University, Cyprus |
https://research.usq.edu.au/item/q672v/a-conceptual-framework-for-blockchain-smart-contract-adoption-to-manage-real-estate-deals-in-smart-cities
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