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The conventional real estate registry system exhibits numerous shortcomings, being both costly and time-consuming. Vulnerabilities to fraud, particularly through impersonation of false property ownership, further undermine its effectiveness. This paper proposes a methodology for accurately identifying the legitimate property owner and ensuring secure ownership transfers. Leveraging the immutable characteristics of Blockchain and Non-Fungible Tokens (NFTs), this approach addresses the deficiencies of traditional property transfer systems. The automation of processes through smart contracts, powered by the Ethereum Blockchain, streamlines the transfer of property ownership. NFTs, uniquely tied to individuals and resistant to replication, eradicate fraud and eliminate challenges associated with verifying the identity of the authentic property owner. Possession of the NFT signifies true property ownership. The integration of NFTs and blockchain not only enhances transparency and security but also accelerates and fortifies the reliability of the traditional real estate transfer process.
Sharma et al. (2024) studied this question.