Use of Blockchain Technology in Automation of Ad-Hoc Leasing Agreements

In this research, we have delved into the industry application of BlockChain (BC) technology, Internet of Things (IoT) within the real estate sector, more specifically the leasing of a venue space. With the concept of ad-hoc leasing not picking up due to bureaucratic and learning processes currently in place, we have developed a prototype that fully automated the leasing agreement, monitor, assess and settlements of payments. The use of BC has proven to be an ideal tool to ensure that every test step within the leasing agreement is properly audited given access to all parties including legislative and taxation personnel to monitor such transactions. We have created a number of scenarios utilising our prototype to consider different potential costings of this technology given the challenges around cryptocurrency more specifically the fluctuations in price indexes which are quite considered as one of the irreparable reasons for mass adoption of this technology. The use of IoT has proven that the leasing process flow can be automated with few devices and helped to monitor the specific rented office space.