A group of students from IA K12, FPT University – FPT Education had approached tenancy issues with their project: “Application developments for house rental websites using smart contracts”. With the application of Blockchain technology for overcoming prevalent limits of a common house rental website, the project is promising, and with more improvements, may become a popular solution of the future.
The idea of the project stems from numerous shady tenancy contracts and the lack of transparency in those, where owners can change the contracts to whatever they see fit, disregarding the rights of renters. Seeing such serious issues, the five students from IA, K12, FPT University had carried out a project called Rental House, focusing on web application developments for house rental sites using smart contracts, as their graduation thesis. This is a fresh idea, implementing one feature technology of the 4.0 Industrial Revolution – Blockchain.
In presentation of their project, the group had shared: “Smart contracts using Blockchain technology will answer to four necessities of house rental websites: Convenient payment, Safe contracts for both parties, Transparency, and Prevention of disregarding or changing previous agreed terms, with the last solution being the first among all websites of the kind at the moment”.
The Website’s functions include two major operations: Management of publishing of accommodation for rent, and Selection and Agreement of contract between the parties. First, hosts will need to create a personal profile and publish all information regarding their real estates for rent, following specific regimes of the website. Then, the website admins will review those posts, and approve of reliable lessors. Those in need of renting will select suitable houses, and shall express their will to enter into contract should their needs be satisfied. These contracts will be stored on the website systems, and their terms be made impossible to alter.
To utilize the website, users will have to transfer money into the system, then wait for the system’s transaction confirmation to finalize their contracts. The amount of money and contract terms will then be binding to relevant parties, and measures shall be applied should there be and breaches. The website also integrates multiple beneficial functions for users, such as direct payment, safe transaction, and prevention of contract breaches. Consequently, the users will find transactions more convenient, and safer with their rights protected.
Rental House is built using Blockchain, on the basis of “Code is rule”, where all transacting activities will follow strict coding regimes and thus in no cases can be interfered, and as such will be a reliable and convenient platform for both parties. While there remains aspects to be improved, the project had received praises and helpful advices from the review board, holding great potential in becoming a helpful assisting application, admist the boom of Smart Home.
FPT EducationRelated posts: