Smart contracts are self-executing digital contracts, written in a specific code, with the goal of exchanging an items value in real time. They are also known as Blockchain contracts, self-executing contracts and digital contracts.
Smart contracts employ Blockchain technology as a decentralized ledger where each of the contracts are stored in a replicated system and assist with the exchange of value in a conflict-free, transparent approach and without the use of intermediaries.
In real estate, smart contracts can assist with the exchange of a properties title or deed from one entity to another. Smart contracts can also help streamline the property listing process for real estate agencies.
A goal of AREBA is to employ smart contracts to list real estate on its own Blockchain and to ensure integrity and a faster, more secure transaction of listing a property.