Backed by smart contracts, real estate transactions aim at achieving high trust levels, efficiency in transaction speed, and safety, along the escrow process. This paper shall concentrate on applying an automated escrow service using blockchain technology and underline how smart contracts could make transactions easier, cheaper, and more secure against frauds and delays. At last but not least, the RealEstateEscrow contract was finally deployed at address 0x540d7E428D5207B30EE03F2551Cbb5751D3c7569. Three examples show the different results: one successful transaction of 50,000 wei, showing metrics of transactions and gas usage; another successful transaction for 50,000,000 wei, showing the computational requirements for large transactions; and a failed transaction due to low gas, which indicates the need for appropriate gas settings. These cases underline the potential of smart contracts in real estate escrow services and their implementation challenges.

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Automated Escrow Services in Real Estate: Enhancing Trust and Efficiency with Smart Contracts

  • Preethi,
  • Mohammed Mujeer Ulla,
  • R. Sapna,
  • Raghavendra M. Devadas,
  • Vani Hiremani,
  • N. Pavithra

摘要

Backed by smart contracts, real estate transactions aim at achieving high trust levels, efficiency in transaction speed, and safety, along the escrow process. This paper shall concentrate on applying an automated escrow service using blockchain technology and underline how smart contracts could make transactions easier, cheaper, and more secure against frauds and delays. At last but not least, the RealEstateEscrow contract was finally deployed at address 0x540d7E428D5207B30EE03F2551Cbb5751D3c7569. Three examples show the different results: one successful transaction of 50,000 wei, showing metrics of transactions and gas usage; another successful transaction for 50,000,000 wei, showing the computational requirements for large transactions; and a failed transaction due to low gas, which indicates the need for appropriate gas settings. These cases underline the potential of smart contracts in real estate escrow services and their implementation challenges.