Role of Blockchain in Real Estate Transactions

Omar Al-Kindi

<a style="color: #800000;" href="https://amlak.net.Blockchain technology (Blockchain) with digital currencies, until some believed that a blockchain cannot be created without a digital currency, and the reason for this is a scientific paper presented by Satoshi Nakamoto in 2008 in which he explained monetary transactions between "peer-to-peer” without a centralized system, and proposed a payment system called Bitcoin, where he replaced the trusted third party (the bank in payment cases) with cryptography, here the concept of blockchain was explained, not the name. Where the name blockchain is due to the nature of its work and the way transactions are recorded and saved through it, it records every transaction that takes place within the network in a block and connects the blocks with each other, so it was called blockchain or blockchain, this was the first appearance of this technology.

The identity of Satoshi Nakamoto is still in doubt and there are many hypotheses about the personality as it is uncertain whether the name is a real name or a pseudonym used by the creator of the currency to advertise it, as it is a name used by the person or people who developed Bitcoin, wrote its white paper, and published it as part of the implementation of the process, Blockchain technology is one of the new technologies, as studies written about it are few and branching in different fields. It is worth noting that all these studies are foreign studies and there are no accurate Arabic studies so far.

Blockchain technology, or blockchain, is an innovative technical system, based on the distribution of data and information across a branching network of several computers, this data or information can be used in many fields including the real estate field.

<The real estate sector produces a huge amount of transactions and information that need technologies to facilitate the process of managing them digitally and enabling them to be completed electronically. Therefore, blockchain technology is one of the most important modern technologies that allow the exchange of value and completion of transactions digitally, as it guarantees their authenticity and accuracy, and is also characterized by transparency and reliability, so it works to manage and secure transactions and at the same time contributes to the management of information by saving it in a decentralized manner, and organizing it in a successive chain that links different information and transactions for the same thing; through it, this information is also exchanged between the concerned network parties, and therefore it is concerned with the information from its creation, through its organization and conservation to making it available to the beneficiary, so it can be considered one of the technologies that help in the real estate sector. <Among the most prominent platforms that have been implemented that work with this technology: (Ejar Platform), where the Ejar system works to manage the rental process in an integrated manner between the tenant, the lessor and the broker, and the system also links many relevant government agencies sequentially to achieve the purpose of the platform, and these processes can be summarized in three main stages: The first stage (real estate broker accreditation) The second stage: (real estate brokerage agreement) The third stage: (unified rental contract).

<In general, blockchain technology has been widely applied in the real estate field, we find that it has been applied in land registration, real estate transfer, long-term and short-term real estate leasing, real estate investment, and digitization of contracts and agreements. This technology is an innovative tool that has many potential uses in many fields in the future, and even contributes to achieving transparency and security and reducing reliance on traditional intermediaries, which enhances efficiency and trust in various transactions and exchanges.

@OMARALKENDI