A Case Study of Blockchain Integration in Digital Contracts: A Study of Real Estate Firms in Plateau State
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Background of the Study
Blockchain technology, with its secure, transparent, and immutable characteristics, has garnered significant attention for its potential to revolutionize various industries, including real estate. One key application of blockchain is in the management of digital contracts, which can streamline transactions, reduce fraud, and increase trust in the real estate industry (Sundararajan, 2024). In Plateau State, real estate firms are exploring the use of blockchain to manage digital contracts, enabling more secure and efficient property transactions. This study will investigate how blockchain integration in digital contracts impacts the real estate industry in Plateau State, focusing on transaction efficiency, security, and legal challenges.
Statement of the Problem
Despite the potential of blockchain technology in enhancing digital contracts, many real estate firms in Plateau State may not fully understand the implications and challenges associated with its adoption. The integration of blockchain in digital contracts may face barriers such as technological limitations, legal concerns, and the need for stakeholder buy-in. This study aims to evaluate how blockchain integration affects the real estate business, particularly regarding transaction transparency, security, and efficiency.
Objectives of the Study
- To assess the effectiveness of blockchain integration in managing digital contracts for real estate firms in Plateau State.
- To evaluate the impact of blockchain on transaction security, efficiency, and transparency.
- To identify challenges and limitations faced by real estate firms in implementing blockchain for digital contracts.
Research Questions
- How does blockchain integration improve the management of digital contracts in real estate firms in Plateau State?
- What are the impacts of blockchain on transaction security, efficiency, and transparency?
- What challenges do real estate firms face in adopting blockchain technology for digital contracts?
Research Hypotheses
- Blockchain integration significantly improves the security, transparency, and efficiency of digital contracts in real estate firms.
- Real estate firms in Plateau State face challenges in integrating blockchain technology due to technological, legal, and adoption barriers.
- Blockchain significantly reduces fraud and disputes in real estate transactions.
Scope and Limitations of the Study
The study will focus on real estate firms in Plateau State that are adopting or have adopted blockchain technology for managing digital contracts. Limitations include the variability in the level of blockchain integration across different firms and potential resistance to technology adoption due to lack of awareness or regulatory constraints.
Definitions of Terms
Blockchain Technology: A decentralized and distributed digital ledger used to record transactions across multiple computers, ensuring security and transparency.
Digital Contracts: Legal agreements or arrangements executed and stored electronically, often using smart contracts facilitated by blockchain technology.
Smart Contracts: Self-executing contracts with terms of the agreement directly written into code.
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