Facilitate Real-Estate Property Transactions: Using Blockchain and Smart Contract Technology

Facilitate Real-Estate property transactions
using blockchain and Smart Contract technology
TEAM: Under the Supervision of :

Barath Mohan S 1701024 Dr. R. Vijayakumar
Dheeraj Anand 1701037 Assistant Professor(Sl.G)
Dhiyaneshwaran K 1701039
1. INTRODUCTION
2. PROBLEM DEFINITION
3. MODULES
Agenda 4. REQUIRMENTS
5. FLOWCHART
6. REFERENCES
INTRODUCTION:
• The commercial real estate (CRE) industry appears to take pride in keeping several
aspects of its operations secret, such as comparable lease rental rates, property prices,
and valuators, to create a possible competitive advantages.
• In response to greater demand for transparency, technology advancements and the
disintermediation by startups are gradually making some ff this information public.
• As a result property-related information is increasingly available in digital and paper
form.
• However, a portion of the digitized information is hosted on disparate systems, which
results in a lack of transparency and efficiency, and a incidence of inaccuracies that
creates a greater potential for fraud.
• Blockchain technology—a digitized, distributed ledger that immutably records and
shares information—could enable the CRE industry to address these inefficiencies and
inaccuracies.
• According to a 2015 Working Economic forum survey Of 800 executives and information
and communications technology sector experts, 57.9 percent of the respondents believe
that 10 percent of the global GDP information will be stored on blockchain technology by
2025.
• Until recently, blockchain was known more as the technology powering Bitcoin. However,
industry players now realize that blockchain-based smart contracts can play a much larger
role in CRE. potentially transforming core CRE operations such as property transactions
(purchase. sale, financing leasing. and management).
• Over time, blockchain adoption can have a broader impact as it can be linked to public
utility services such as smart parking waste, water, and energy billing.
• And also enable data-driven city management. In this report We Will dive deeper into the
proposition Of blockchain technology and its applicability to property leasing and
management and purchase and sale transaction processes.
PROBLEM DEFINITION:
EXISTING SYSTEM:
• The current real estate market and the transactions is a highly computerized
system which is maintained at individual systems.
• The system doesn’t provide complete online services like online reports and
centralized database.
• Most of the data is maintained manually and in excel sheets.
• The data security and data accessing is very slow,it also takes time to retrieve
from the database.
PROPOSED SYSTEM:
• The Proposed System is to develop a proof of concept digital platform that simulates the processes
of buying and selling property, in the residential real estate industry, using blockchain and smart
contract technology.
• The current processes of buying, selling and renting property are carried out for the most part by
third party real estate agents.
• As a result of this, there is an element of trust required from the transacting parties( buyers, sellers,
landlords & tenants).
ADVANTAGES:
This trust gives rise to various problems that affect the speed, costand security of the real
estate transaction processes. A few of these problems are:-
• Property fraud
• In accurate market statistics
• Can result in slow price discovery for sellers and buyers
• Exposure of the transacting parties personal data
• Inaccessible property information E.g. Maintenance records
• Some times this information is also kept behind pay wall of sorts
• Amount of time elapsed between commencing and concluding are real estate
transaction
• High middle men costs for processing applications.
MODULES:
MODULE 1:Ethereum Setup
MODULE 2:Developing Smart Contracts for Transaction process
MODULE 3:Design of Centralized Web Application
MODULE 4:Analyzing the functionality by performing Transaction

WORKFLOW:
STEP 1:
Setup a private Ethereum network that utilizes Proof-of-Authority consensus.
•The Proof-Of-Authority (PoA) is a consensus method that gives a small and
designated number of blockchain actors the power to validate transactions or
interactions with the network and to update its more or less distributed registry.
STEP 2:
Design, write, compile and deploy the smart contracts responsible for key activities in a
modified version of the real estate transaction process, onto the private network.
ARCHITECTURE
STEP 3:
Design and develop a partially decentralized web application (dApp) that will allow
buyers and sellers to interact with the private Ethereum network and the deployed smart
contracts.
STEP 4:
Test the platform's functionality by simulating a real estate transaction between a
buyer and seller, from start to finish.
Usage
• A typical residential real-estate transaction begins when a property is listed on the market
and offers can be made towards it.
• Usage of this platform was designed to mimic that, however before a property can be
listed, the seller must have it verified.
Seller
• The seller proceeds to add details about their property.
• Before this property can be listed on the platform, it needs to be verified.
• The seller requests verification by uploading a copy of their title deed.
• Once verification is obtained, the seller can now choose to list their property.
• The seller is able to view submitted offers towards their property and select one to
proceed further with.
• When an offer is selected, it creates a session between the buyer and seller.
• Stage 1 of the session involves having the seller acquire a holding deposit from the
buyer towards the property.
• This is done by having the seller make a request with the deposit amount deadline.
• The seller obtains verification of the buyer.
• The seller uploads the sales contract.
• The seller can then choose to continue to the final stage of the session.
• The seller uploads the title transfer document and creates the escrow.
• Once the seller sees that the final deposit was made, they can request the final title transfer.
Buyer
• The buyer searches for properties on the platform.
• When they find a property they like, they submit an offer towards it.
• The buyer pays the holding deposit.
• The buyer signs and uploads the signed sales contract.
• The buyer can download the title transfer document and then simultaneously approve
and deposit the final payment towards the property.
————————————————————————————————————————————
• Both parties receive a draft copy of the final title deed, to which they are required to
indicate their acceptance/rejection of its contents.
• When the smart contract receives two greenlights for the draft title deed's contents, it will
carry out the final disbursement by sending the buyer a finalized copy of the property
title deed and the seller, the final payment.
REFERENCES:
• https://ieeexplore.ieee.org/document/8946229
• https://jfin-swufe.springeropen.com/articles/10.1186/s40854-016-0045-6
• https://www.sciencedirect.com/science/article/pii/S0736585318306324
• https://www.researchgate.net/
publication/335682781_Blockchain_Technology_A_Survey_on_Applications_and_Security_P
rivacy_Challenges
• "Blockchain Tutorial", Weka Solidity Org.Json AWS QuickSight JSON.Simple Jackson
Annotations Passay Boon MuleSoft Nagios Matplotlib Java NIO PyTorch SLF4J Parallax
Scrolling Java Cryptography, [online] Available: https://www.tutorialspoint.com/blockchain/
index.htm
Thank You!

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Facilitate Real-Estate property transactions

using blockchain and Smart Contract technology

TEAM: Under the Supervision of :

MODULE 1:Ethereum Setup

MODULE 2:Developing Smart Contracts for Transaction process

MODULE 3:Design of Centralized Web Application

MODULE 4:Analyzing the functionality by performing Transaction

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