IPFS-Blockchain Based Technology for Lease Agreement and Rental System in Real Estate

Rental and lease scams are becoming more common in India by the use of a rental property as a lure to obtain money from the landlord or prospective tenants. Unfortunately, these scams seek to extort money from prospective renters or the tenants by fake real estate agents and fake listings or by breaching the lease agreement, breach in rent payment and hiding the utility bill charges. These scams can occur with both, the tenant or the renter as the victim. The government also faces difficulty in monitoring and keeping track of the property tax. This paper proposes the adoption of blockchain technology to address this issue by creating a housing lease alliance chain through Smart Contracts which enables landlords and tenants to sign lease agreements, to incorporate utility bills while signing the contract and to automatically pay and collect rent on a regular basis. We also propose the use of an IPFS system (Interplanetary File System) for listing of properties and for the authenticity of property and personal identity information through government identification, making leasing safe and secure.