Real Estate Decentralized Application

Submitted in partial fulfillment of the requirements of the degree

BACHELOR OF ENGINEERING
IN INFORMATION TECHNOLOGY
(Blockchain and DLT Lab)

Submitted By

20101B0010 Yash Mane

20101B0012 Jay Chaudhari
20101B0020 Atharva Thakur

Under the Guidance of

Prof. Vinita Bhandiwad

Department of Information Technology

Vidyalankar Institute of Technology

Vidyalankar Educational Campus
Wadala(E), Mumbai 400 037
University of Mumbai
2023-24
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 CERTIFICATE OF APPROVAL

This is to certify that the Mini Project entitled “Real Estate Decentralized

Application” is a bonafide work of Yash Mane (20101B0010), Jay Chaudhari

(20101B0012) And Atharva Thakur (20101B0020) submitted to the University of

Mumbai in partial fulfillment of the requirement for the award of the degree of

“Bachelor of Engineering” in “Information Technology”.

Prof. Vinita Bhandiwad

Dr. Vipul Dalal Dr. S. A. Patekar

Head of Department Principal

2
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 Mini Project Approval

This Mini Project entitled “Real Estate Decentralised Application” by Yash

Mane (20101B0010), Jay Chaudhari (20101B0012) And Atharva Thakur

(20101B0020) is approved for the degree of Bachelor of Engineering in

Information Technology.

Examiners

1………………………………………
(Internal Examiner Name & Sign)

2…………………………………………
(External Examiner name & Sign)

Date:

Place:
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 ABSTRACT

In contemporary Real estate financing, construction, and management are being

revolutionized by the data science and infrastructure technologies of Artificial
Intelligence (AI), Internet of Things (IoT), Big Data, Digital Object Identifiers (DOI)
and Blockchain. The key to automation and integration is a Real Estate Data
Marketplace across the lifespan of finance, planning, construction, regulation,
management, even refurbishment and demolition. Integration of digital 4.0 and
industry 4.0. Real estate is becoming increasingly digital, automated and integrated;
embracing connected-buildings, wearable personal devices, integrated transportation
systems, buildings and infrastructure data management and smart cities. The key to
promoting the use of data-driven techniques in the real estate sector is the introduction
of a Data Marketplace that promotes validation of data and tokenization to create
value for the owners of the data, Blockchain security and governance for users of the
data, the application of Artificial Intelligence for data analytics and ethics for
governance. The technical capability exists today for a complete end-to-end reshaping
of the real estate market based on data and ethics. This is data-driven real estate (cf.
Google, Amazon, Alibaba, Tencent). The contributions of this review paper are
fourfold: (a) to provide a vision of a fully digital real estate marketplace; (b) to brief
the industry on digital technology and also stimulate engagement with the computer
science community; (c) to encourage debate amongst professionals, academics and
politicians of the benefits of full automation and integration of real estate; (d) present
ethics for the Real Estate Data Marketplace based on lawfulness, fairness and
transparency.
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 ACKNOWLEGEMENT

We would like to express our deepest appreciation to all those who provided us the
possibility to complete this report. We express our profound gratitude we give to our Prof.
Vinita Bhandiwad, our respectable project guide, for her gigantic support and guidance.
Without her counseling our project would not have seen the light of the day.

We extend our sincere thanks to Dr. Vipul Dalal, Head of the Department of
Information Technology for offering valuable advice at every stage of this undertaking.
We would like to thank all the staff members who willingly helped us. We are
grateful to VIDYALANKAR INSTITUTE OF TECHNOLOGY for giving us this
opportunity.

The days we have spent in the institute will always be remembered and also be
reckoned as guiding in our career.
1. Yash Mane

2. Jay Chaudhari

3. Atharva Thakur

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 TABLE OF CONTENTS
Sr. No. Topic Page No.

1 Introduction 8-11
1.1 Introduction
1.2 Aim and Objectives
1.3 Problem Statement

2 Literature Survey 12-13

2.1 Survey of Existing Projects
2.2 Mini Project Contribution

3 Proposed System 14-15

3.1 Flow Chart
3.2 Block Diagram
3.3 Hardware and Software Requirements

4 Methodology 16-17

5 Results 18

6 Conclusion and Future Scope 19

References 20

6
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 LIST OF FIGURE
S Figure P
r a
. g
N e
o N
o
1 Flow chart 1
4
2 Block diagram 1
4
3 Listing Property 1
8
4 Details of all the Properties Listed 1
8

7
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1. INTRODUCTION
1.1 INTRODUCTION

Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
8
Page
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
9
Page
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
10

the wider technological

Page
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceabilit
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
11

are likely
Page
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
12

technology that has changed

Page
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
13

with the
Page
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
14

cities [4] and many other domains

Page
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
15

traceability
Page
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
16

early stages, blockchain

Page
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
17

healthcare [2],
Page
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
18

many benefits such as speed,

Page
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
19

infrastructures
Page
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
20

financial systems [1]. In the past,

Page
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
21

until much later

Page
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
22

society by overhauling outdated

Page
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
23

however, its
Page
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
are likely
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
24

the wider technological

Page
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging
technology that has changed
many aspects of modern finance;
however, its
use cases are not limited to
financial systems [1]. In the past,
blockchains have been used in
healthcare [2],
the Internet of Things [3], smart
cities [4] and many other domains
[5–8]. In addition, blockchains
25

are likely
Page
to transform the foundations of
society by overhauling outdated
mechanisms with updated
infrastructures
befitting a virtualized world. In its
early stages, blockchain
technology was largely associated
with the
electronic currency Bitcoin, but
the wider technological
advantages were not appreciated
until much later
[9]. Blockchain technology offers
many benefits such as speed,
reliability, immutability,
traceability
Blockchain is an emerging technology that has changed many aspects of modern finance;
however, its use cases are not limited to financial systems. In the past, blockchains have been
used in healthcare, the Internet of Things, smart cities and many other domains. In addition,
26

blockchains are likely to transform the foundations of society by overhauling outdated

mechanisms with updated infrastructures befitting a virtualized world. In its early stages,
Page

blockchain technology was largely associated with the electronic currency Bitcoin, but the
wider technological advantages were not appreciated until much later. Blockchain technology
offers many benefits such as speed, reliability, immutability, traceability, transparency,
decentralization and trust. These advantages present blockchains as a replacement for
outdated technologies in various domains where such factors are key requirements

The real estate industry is estimated to be worth $162 trillion and $29 trillion in residential
and commercial real estate respectively. It is considered to be one of the safest options of
investment, with comparatively higher returns than other investment options, but like other
businesses, real estate is also facing a number of challenges. These challenges include the
involvement of a third party for verification, associated monetary and time costs related to
administration, access and verification of records, the use of commission-based agents,
transparency issues concerning the ownership of property and a dependence on centralized
systems that are susceptible to security breaches. Blockchains can offer smart contracts that
assist in the removal of any third-party involvement in real estate dealings.

The main objective of this work

is to identify how blockchain
technology and the real estate
industry can
interact to find a mechanism
which records all important
transactions on a private
blockchain. In addition, the
study also identifies the nature of
the consensus mechanism
The main objective of this work is to identify how blockchain technology and the real estate
industry can interact to find a mechanism which records all important transactions on a
private blockchain. In addition, the study also identifies the nature of the consensus
mechanism.
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1.2 AIM AND OBJECTIVES

Aim:
The aim of our real estate decentralized application (DApp) is to revolutionize the
traditional real estate industry by harnessing the power of blockchain technology. Our
primary goal is to create a transparent, secure, and efficient ecosystem that facilitates
seamless property transactions while eliminating the need for intermediaries. Through
decentralization, we aim to empower individuals with direct peer-to-peer interactions,
enhancing trust and reducing costs associated with traditional brokerage services. By
leveraging smart contracts, immutable records, and cryptographic security features,
we strive to ensure the integrity and transparency of property listings, ownership
records, and financial transactions. Our DApp aims to democratize access to real
estate investment opportunities by enabling fractional ownership and global
accessibility, thus increasing liquidity and lowering barriers to entry. We are
committed to delivering a user-friendly interface, scalable infrastructure, and
regulatory compliance to provide a seamless experience for users worldwide.
Ultimately, our aim is to transform the real estate landscape, making property
transactions more accessible, transparent, and efficient for everyone involved.
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Objectives:
1. Decentralization: Implement a decentralized architecture using blockchain
technology to eliminate the need for intermediaries, ensuring direct peer-to-peer
transactions.
2. Transparency: Ensure transparency in property listings, ownership records, and
transaction histories by storing them on a public blockchain ledger accessible to all
parties involved.
3. Security: Utilize blockchain's cryptographic features to secure sensitive data, such
as ownership records and financial transactions, against tampering and
unauthorized access.
4. Smart Contracts: Develop and deploy smart contracts to automate and enforce
real estate agreements, such as purchase contracts and rental agreements, reducing
reliance on traditional legal processes.
5. Global Accessibility: Ensure that the DApp is accessible globally, enabling users
from different geographical locations to participate in property transactions
without barriers such as currency exchange or legal complexities.
6. Community Engagement: Foster a vibrant community around the DApp,
engaging users, developers, and stakeholders through educational resources,
forums, and feedback mechanisms to drive continuous improvement and
innovation.

7. Regulatory Compliance: Adhere to relevant regulatory frameworks and

compliance standards in different jurisdictions to ensure legal legitimacy and
mitigate regulatory risks associated with real estate transactions on the blockchain.
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1.3 PROBLEM DEFINITION

The traditional real estate industry is plagued by inefficiencies, lack of transparency,

and high barriers to entry, hindering accessibility and trust in property transactions.
Intermediaries such as brokers and agents often introduce delays, high transaction
costs, and potential conflicts of interest, resulting in a cumbersome and opaque
process for buyers, sellers, and investors. Moreover, centralized databases and paper-
based documentation are susceptible to fraud, manipulation, and data breaches,
undermining the integrity and security of property records. In addition, geographic
and regulatory barriers limit cross-border investment opportunities, while fractional
ownership remains complex and inaccessible to many potential investors.
Furthermore, the reliance on manual processes and outdated technology leads to
administrative overheads, errors, and delays in executing real estate agreements,
exacerbating the challenges faced by industry stakeholders. These systemic issues
underscore the urgent need for a decentralized solution that leverages blockchain
technology to democratize access, enhance transparency, and streamline real estate
transactions. By eliminating intermediaries, enabling peer-to-peer interactions, and
implementing smart contracts, a real estate decentralized application aims to
revolutionize the industry, making property transactions more secure, efficient, and
inclusive for all parties involved.

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2. LITERATURE SURVEY

2.1 Survey of Existing Application:

A literature survey of real estate decentralized applications involves reviewing
existing research, publications, and academic studies related to the intersection of real
estate and blockchain technology. Here's a brief overview of key themes and findings
from the literature:

1. Decentralized Application: Literature discusses the concept of decentralized

applications (DApps) and their implications for disrupting traditional real estate
models. Studies analyze the technical architecture, governance structures, and
economic incentives of real estate DApps, exploring their potential to
transform property ownership, investment, and management processes.
2. Security and Privacy Concerns: Research identifies potential vulnerabilities,
such as data breaches, identity theft, and unauthorized access, and proposes
solutions to mitigate these risks through encryption, decentralized identity
management, and permissioned blockchains.
3. Regulatory Frameworks and Compliance: Research examines the regulatory
challenges and compliance requirements associated with real estate DApps,
particularly in relation to property ownership, securities laws, and anti-money
laundering (AML) regulations.
4. User Adoption and Interface Design: Literature discusses the importance of
user experience (UX) design and interface usability in driving adoption of real
estate DApps. Studies explore strategies for designing intuitive interfaces,
onboarding processes, and educational resources to attract and retain users,
particularly those unfamiliar with blockchain technology.
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2.2 Mini Project Contribution:
The mini project contributes to the advancement of institutional real estate decentralized
application by leveraging blockchain technology to develop a decentralized real estate
application platform. Through the innovative use of blockchain's decentralized
architecture and immutable ledger functionality, the project enhances security,
transparency, and data integrity in file management practices. By implementing
cryptographic techniques, consensus algorithms, and smart contracts, the project
strengthens security measures, enables transparent access control mechanisms, and
creates reliable audit trails. This streamlined approach to file management processes
within institutional environments aims to improve operational efficiency, collaboration,
and accountability. Moreover, the insights gained from this project lay the groundwork
for future research and development efforts, potentially leading to the creation of more
robust and scalable solutions for institutional real estate.

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3. PROPOSED SYSTEM

3.1 FLOW CHART

Figure 1: Flow chart

3.2 BLOCK DIAGRAM

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Figure 2: Block Diagram

3.3 HARDWARE/SOFTWARE REQUIREMENTS

Developing the system environment calls for the requirement of hardware and software.
The hardware and software requirements in our project are-
Hardware requirements:

 Processor – 1.6Ghz or more

 Required memory – minimum 850M
 Basic Computer System
 Ram – 4 GB

Software requirements:
 Remix IDE
 Metamask Extension
 Solidity

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4. METHODOLOGY
Developing a methodology for a real estate decentralized application (DApp)
involves a systematic approach to designing, implementing, and deploying the
application.

1. Research and Analysis: Conduct a thorough analysis of the current state of the
real estate industry, including existing pain points, inefficiencies, and regulatory
requirements. Identify potential use cases and opportunities for leveraging
blockchain technology to address these challenges and improve existing processes.

2. Requirements Gathering: Collaborate with stakeholders, including real estate

professionals, investors, regulators, and end-users, to understand their needs,
preferences, and pain points. Define clear and specific requirements for the DApp,
including functionality, user experience, security, and regulatory compliance.

3. Architecture Design: Design the technical architecture of the DApp,

considering factors such as scalability, interoperability, data privacy, and
decentralization. Determine the appropriate blockchain platform (e.g., Ethereum,
Hyperledger) and consensus mechanism based on the specific requirements and
constraints of the project.

4. Smart Contract Development: Develop smart contracts to automate and

enforce real estate agreements, such as property sales, leases, and rental
agreements. Implement functionalities for property tokenization, fractional
ownership, escrow services, and dispute resolution using Solidity or other smart
contract programming languages.

5. User Interface Design: Design a user-friendly interface for the DApp, focusing
on intuitive navigation, clear visualizations, and seamless user interactions.
Incorporate feedback from end-users through iterative design processes to enhance
usability and accessibility.

6. Backend Development: Develop the backend infrastructure of the DApp,

including databases, APIs, and middleware to support data storage, retrieval, and
processing. Implement off-chain components for managing non-blockchain data
and integrating with external systems, such as payment gateways and identity
35

verification services.
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7. Integration Testing: Conduct comprehensive testing of the DApp to validate its
functionality, performance, security, and compliance with regulatory requirements.
Perform integration testing to ensure seamless interoperability with external
systems and services, such as oracles for real-world data feeds.

8. Deployement : Deploy the DApp on the selected blockchain network, ensuring

proper configuration, security measures, and monitoring tools are in places.
Collaborate with real estate industry stakeholders to onboard users, establish
partnerships, and promote adoption of the DApp.

9. Maintenance And Support: Provide ongoing maintenance and support for the
DApp, including bug fixes, software updates, and enhancements to address
evolving user needs and regulatory changes. Continuously monitor the
performance and security of the DApp, responding promptly to any issues or
vulnerabilities that arise.

10. Community Engagement: Foster a vibrant community around the DApp,

engaging users, developers, and stakeholders through educational resources,
forums, and feedback mechanisms. Encourage collaboration, contributions, and
knowledge-sharing to drive innovation and adoption in the real estate decentralized
ecosystem.

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5. RESULTS

Figure 3: Listing Property

37

Figure 4: Details of all the Properties Listed

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6. CONCLUSION AND FUTURE SCOPE

Conclusion:

In conclusion, the development and implementation of a real estate decentralized

application (DApp) hold immense potential to revolutionize the traditional real estate
industry. By leveraging blockchain technology, smart contracts, and decentralized
architecture, such a DApp addresses longstanding challenges in transparency, security,
and efficiency while unlocking new opportunities for investment and innovation. The
successful deployment of a real estate DApp offers several key benefits, including
disintermediation, transparency, efficiency, and accessibility. By eliminating
intermediaries, the DApp reduces transaction costs, minimizes delays, and fosters
direct peer-to-peer interactions between buyers and sellers. The transparent and
immutable nature of blockchain technology ensures trust and integrity in property
transactions, while smart contracts automate and enforce agreements, streamlining
processes and reducing administrative overheads. Additionally, fractional ownership
and property tokenization enable broader participation in real estate investment
opportunities, democratizing access and increasing liquidity in the market.

Future Scope:

1.Integrating with Emerging Technology: Explore synergies with emerging

technologies such as artificial intelligence (AI), Internet of Things (IoT), and
decentralized finance (DeFi) to create more sophisticated and holistic real estate
solutions.
2. Scalability and Interoperability: Focus on improving scalability and
interoperability to accommodate a growing user base and facilitate seamless
integration with existing real estate platforms and systems.
3. Regulatory Compliance and Legal Frameworks: Collaborate with regulators and
legal experts to establish clear regulatory frameworks and compliance standards for
real estate DApps, ensuring legal legitimacy and investor protection.
4. Enhanced User Experience: Continuously refine user interfaces and user
experiences to make real estate DApps more intuitive, accessible, and inclusive for a
diverse range of users.
5. Community Engagement and Governance: Foster a vibrant and engaged
community of users, developers, and stakeholders to drive innovation, collaboration,
and governance in the real estate decentralized ecosystem.
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 REFERENCES
 https://www.irjet.net/archives/V7/i5/IRJET-V7I5112.pdf

 https://www.irjmets.com/uploadedfiles/paper//issue_5_may_2023/41190/final/
fin_irjmets1686300982.pdf

 https://ijrpr.com/uploads/V4ISSUE4/IJRPR11985.pdf

 https://cointelegraph.com/explained/decentralized-file-sharing-explained

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