Tokenizing The Future: Advancing Asset Management With Blockchain

Abstract

Management of assets like lands, apartments, shops, and other intangible assets, in India as well as in other parts of the world is a very slow and tedious process involving a lot of intermediaries. The development of a system that expedites the registration of an asset and streamlines the transfer of ownership between buyers, sellers, and government authorities can only be achieved through the creation of a distributed system that securely stores all transactional data in an immutable ledger which is secure, transparent and efficient. This paper outlines the implementation of an asset transaction and management system utilizing the Ethereum blockchain and smart contract technology. The Ethereum blockchain stores the details of all transactions whereas the smart contracts triggers various events like access of asset-related documents to the asset inspectors and transfer of funds from a buyer to a seller after successful verification of the buyer, seller, and the asset.