T-PASS: A Blockchain-based NFT Enabled Property Management and Exchange System

Abstract

Everybody is witnessing a tremendous rise in the tokenization of all types of assets, including stock, funds, debt, and intellectual property, as a result of the explosive growth of decentralized finance (DeFi). Blockchain technology enables users to convert physical or digital assets into Non-Fungible Tokens (NFTs) and trade using cryptocurrencies. Blockchain technology uses a Distributed Ledger Technology (DLT) system to enable immutable, traceable, and safe trading. NFT’s use is currently restricted to fancy digital artwork, collectibles, games, etc., but its distinctive capabilities and platforms could be used for more real-world problems. This paper extends the DeFi applications with the real estate property assets as NFTs, examines the requirements of NFT-enabled property management and exchange system, and proposes a model for the same. We discuss the system design specifications and implementation approach extensively. The proposed model gives key components and direction for using NFTs in actual property management issues.