Tokenized property renting and trading using blockchain

Abstract

It is challenging for any authoritative figure to keep track of and oversee the house rental market because of the large number of landlords, arbitrary fees, misleading rental information and other issues. On the basis of Blockchain technology of encryption algorithm, this paper develops a property buy, sell and rental system. The system uses smart contracts to form all kinds of agreements, establish the relationship among users, pay and collect rent automatically on a regular basis and return the rental right when it is due. With this approach, there is no need for mediation, it is less expensive, rental information is transparent and it is easier to keep track of all the records for an authoritative figure using this system.