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Usurping Double-Ending Fraud in Real Estate Transactions via Blockchain Technology

TBB Smart Contract Property State Diagram

Figure: Transparent Bidding Blockchain (TBB) Smart Contract Property State Diagram

Summary

This paper discusses the problem of double-ending fraud in real estate transactions – a type of transactional fraud wherein agents handling real estate transactions unfairly benefit (e.g., by simultaneously representing both the buy and sell side of a real estate transaction in a manner that unfairly boosts the commission they receive, or colluding to increase their commission in a real estate transaction at the expense of the buyer and/or seller of the real property). The paper proposes a unique blockchain solution design that leverages blockchain's properties of transparency and ability to create tamper-resistant audit trails to reduce opportunities for double-ending fraud and increase real estate market participants' trust in the handling of their transactions. The paper discusses the implementation of a prototype of the solution based on hyperledger fabric and sails; it presents the results of an agent-based modelling simulation validating that the inherent transparency of the proposed design offers optimal allocation for both sellers and buyers.

2021 Journal Impact Factor: 2.656

Publication date: January 1, 2021

Links

References

APA Mashatan, A., Lemieux, V., Lee, S. H. M., Szufel, P., & Roberts, Z. (2021). Usurping Double-Ending Fraud in Real Estate Transactions via Blockchain Technology. Journal of Database Management (JDM), 32(1), 27-48.
BibTeX @article{Mash2021ReBT,
title={Usurping Double-Ending Fraud in Real Estate Transactions via Blockchain Technology},
author={Atefeh Mashatan and Victoria Lemieux and Seung Hwan (Mark) Lee and Przemysław Szufel and Zachary Roberts},
journal={Journal of Database Management},
year={2021},
volume={32},
issue={1}
pages={27--48},
doi={10.4018/JDM.2021010102}
}
DOI https://doi.org/10.4018/JDM.2021010102
IEEE A. Mashatan, V. Lemieux, S. H. M. Lee, P. Szufel, and Z. Roberts, "Usurping Double-Ending Fraud in Real Estate Transactions via Blockchain Technology," Journal of Database Management (JDM), vol. 32, no. 1, 27-78, Jan. 2021.
ISSN 1063-8016

Funding