Blockchain based notary application

Blockchain technology is a database mechanism that stores data in distributed ledgers as interconnected encrypted blocks. To alter the data within a block on the distributed ledger, the cryptographic information in the subsequent blocks also needs to be changed, which cannot be done without consensus among stakeholders in the network. With these characteristics, blockchain offers a more secure and transparent method compared to centralized data storage platforms. Taking advantage of these benefits, smart contracts are widely used to develop autonomous business processes. Smart contracts enable secure execution of processes between untrusted parties without the need for intermediaries. By utilizing the features of blockchain and smart contracts, it is possible to establish a notary system for digital real estate transactions. The current challenges in real estate transactions, such as manual processes, increased costs due to intermediaries, and the risk of fraud with forged agreements, can be addressed through the secure and autonomous nature of blockchain and smart contracts. In this thesis study, a blockchain-based notary system is proposed for real estate transactions. The proposed system ensures data security by storing crucial notary agreements and title deed information on the blockchain. Furthermore, it eliminates intermediaries between buyers and sellers, enabling an autonomous flow through smart contracts. The study demonstrates that a real estate transfer conducted through the blockchain-based notary system is more efficient and cost-effective compared to the existing notary system.