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Usurping Double-Ending Fraud in Real Estate Transactions via Blockchain Technology
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Author(s): Atefeh Mashatan (Ryerson University, Canada), Victoria Lemieux (University of British Columbia, Canada), Seung Hwan (Mark) Lee (Ryerson University, Canada), Przemysław Szufel (SGH Warsaw School of Economics, Poland)and Zachary Roberts (Ryerson University, Canada)
Copyright: 2021
Volume: 32
Issue: 1
Pages: 22
Source title:
Journal of Database Management (JDM)
Editor(s)-in-Chief: Keng Siau (City University of Hong Kong, Hong Kong SAR)
DOI: 10.4018/JDM.2021010102
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Abstract
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.
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