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Volume 18
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10.3390/jtaer18030059
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Article

Strata Fee Management in Condominiums via Smart Contracts

by
Liam Scholte
†,
Rui Wang
†,
Kwok Keung Chung
† and
Michal Aibin
*,†
Khoury College of Computer Sciences, Northeastern University, Vancouver, BC V6B 1Z3, Canada
*
Author to whom correspondence should be addressed.
†
Current address: 410 W Georgia St 1400, Vancouver, BC V6B 1Z3, Canada.
J. Theor. Appl. Electron. Commer. Res. 2023, 18(3), 1157-1176; https://doi.org/10.3390/jtaer18030059
Submission received: 10 May 2023 / Revised: 13 June 2023 / Accepted: 19 June 2023 / Published: 4 July 2023
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Abstract

Condominiums and similar properties use a stratum to manage daily operations, and owners fund it through strata fees. While existing strata fee management systems may be able to handle such funds, such systems could be more inherently transparent. It is possible to leverage the digital ledger from blockchain networks and smart contracts to build a fully transparent strata fee management system. This paper proposes designing a strata fee management system based on a smart contract in the Ethereum network. Both strata corporations and homeowners can interact with the smart contract to execute common procedures such as paying strata fees and handling expenses. Using smart contracts for strata fee management, it is believed that the chance of fraud by strata corporations is lowered compared to other systems.
Keywords: blockchain; ethereum; strata management; smart contract; decentralization blockchain; ethereum; strata management; smart contract; decentralization

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MDPI and ACS Style

Scholte, L.; Wang, R.; Chung, K.K.; Aibin, M. Strata Fee Management in Condominiums via Smart Contracts. J. Theor. Appl. Electron. Commer. Res. 2023, 18, 1157-1176. https://doi.org/10.3390/jtaer18030059

AMA Style

Scholte L, Wang R, Chung KK, Aibin M. Strata Fee Management in Condominiums via Smart Contracts. Journal of Theoretical and Applied Electronic Commerce Research. 2023; 18(3):1157-1176. https://doi.org/10.3390/jtaer18030059

Chicago/Turabian Style

Scholte, Liam, Rui Wang, Kwok Keung Chung, and Michal Aibin. 2023. "Strata Fee Management in Condominiums via Smart Contracts" Journal of Theoretical and Applied Electronic Commerce Research 18, no. 3: 1157-1176. https://doi.org/10.3390/jtaer18030059

APA Style

Scholte, L., Wang, R., Chung, K. K., & Aibin, M. (2023). Strata Fee Management in Condominiums via Smart Contracts. Journal of Theoretical and Applied Electronic Commerce Research, 18(3), 1157-1176. https://doi.org/10.3390/jtaer18030059

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