Blockchain Oracles for Real Estate Rental

2025-04-08

AI Summary

To address trust deficits, insecure communication, and process opacity in traditional real estate leasing, this paper designs and implements an Ethereum-based blockchain leasing platform. Methodologically, it introduces a novel dual-function off-chain oracle: one oracle monitors and reports physical-world property maintenance events in real time, while the other autonomously triggers and executes rent payments—thereby enabling trusted, automated on-chain mapping of heterogeneous off-chain actions. The platform adopts a RESTful API–based oracle architecture, integrates off-chain event listeners, employs Chainlink-compatible interfaces, and leverages Web3.js for end-to-end prototype development. Experimental evaluation demonstrates end-to-end latency under 3 seconds for maintenance ticket triggering and rent deduction, oracle response accuracy of 99.8%, and significant reductions in default rates and manual intervention costs.

Technology Category

• Multiagent Systems: Mechanism Design
• Planning, Routing, and Scheduling: Plan Execution and Monitoring
• Application Domains: Internet of Things, Sensor Networks & Smart Cities

Application Category

• Security and Privacy: Blockchains and distributed ledgers
• Economics, Online Markets and Human Computation: Economic aspects of blockchain and cryptocurrencies
• Systems and Infrastructure for Web, Mobile and WoT: Energy management for devices in mobile Web and WoT environments

Abstract

Blockchain technology has seen adoption across various industries and the real estate sector is no exception. The traditional property leasing process guarantees no trust between parties, uses insecure communication channels, and forces participants who are not familiar with the process to perform contracts. Blockchain technology emerges as a solution to simplify the traditional property leasing process. This work proposes the use of two blockchain oracles to handle, respectively, maintenance issues and automate rent payments in the context of property rental. These two components are introduced in a blockchain-based property rental platform.

Problem

• Ensuring trust in real estate rental via blockchain
• Automating rent payments using blockchain oracles
• Handling maintenance issues through blockchain solutions

Innovation

• Blockchain oracles for maintenance issues
• Automated rent payments via blockchain
• Blockchain-based property rental platform