Mustnum: Revolutionizing rental fairness through blockchain
1Candidate for Bachelor of Science, Information System Security, MONGOLIAN UNIVERSITY OF SCIENCE AND TECHNOLOGY, Ulaanbaatar, Mongolia
2Candidate for Bachelor of Science, Information Technology, NATIONAL UNIVERSITY OF MONGOLIA, Ulaanbaatar, Mongolia
3Teacher, Computer Science, MONGOL KOOSEN TECHNOLOGY COLLEGE, Ulaanbaatar, Mongolia
A Paper Submitted in Partial Fulfilment of the Requirements for IBCOL 2023
Sustainable Development Goals
Keywords
Abstract
Estate On Block is a groundbreaking blockchain-powered platform designed to revolutionize the real estate rental industry by enhancing transparency, reducing discrimination, and making rental transactions more equitable and accessible. Traditional rental platforms suffer from a lack of information transparency, discrimination issues, and unclear lease terms, which Estate on Block aims to address through the implementation of blockchain technology.
The solution utilizes blockchain for its inherent data integrity, transparency, and accessibility. Key features of Estate on Block include decentralized identity verification, anonymous tenant profiles, smart-contract-based lease terms, regulatory compliance, transparent property listings, decentralized reviews and ratings, efficient property management, real estate tokenization, and integration with the Internet of Things (IoT).
What sets Estate on Block apart from its competitors are its core differentiators, including decentralization, anonymous profiles to combat discrimination, and immutable data that ensures transparency and trust. The platform's benefits encompass transparency, reduced discrimination through anonymous profiles and smart contracts, increased efficiency in rental processes, and a foundation of trust through decentralized reviews and ratings.
Potential risks, such as the complexity of blockchain technology, regulatory uncertainties, and adoption challenges, are mitigated through user-friendly interfaces, continuous legal reviews, and incentives for early adopters.
The critical success factors for Estate on Block include user adoption, regulatory compliance, and ongoing platform improvement based on user feedback and technological advancements.
The workflow for tenants and property owners on Estate on Block involves onboarding, listing and search, engagement and transaction, regulatory compliance, and post-transaction feedback. Tenants and property owners can create profiles, list properties, engage in transparent negotiations facilitated by smart contracts, and provide feedback after transactions.
Estate on Block envisions a future where rental transactions are characterized by transparency, trustworthiness, and freedom from unwarranted biases, ensuring that everyone has an equal opportunity to find their next home.