PROJECT NAME : XINFIN REAL ESTATE
DESCRIPTION :
We are creating a blockchain based distributed application using smart contracts for real estate buying and selling.
Why do we need a blockchain based application in the first place? • Real estate markets are not as efficient or organised, with an incredibly slow transaction time, and a less efficient price discovery mechanism.As a result, a lot of capital is trapped in certain geographic regions.
• That is, if a person in a developed area wants to invest in a developing area, then the process for doing this is extremely difficult and time consuming as of today.
• A land owner in a rural area will first contact a local broker who will then contact other brokers in different areas. These brokers will then be approached by interested buyers.
• All this will take significant time and the brokers will also charge a substantial fee of their own.
Solution : Using the blockchain for the real estate
• It could revolutionalise the way the real estate industry works as of today
• We could buy and sell property from our houses, that too, without any external interference and with a lot of security
• Since the ledger will be decentralised, it will be practically impossible for anyone to steal any property or commit any fraud.
• As we are using the hybrid blockchain technology provided by the xdc nodes, we will be able to decide which transactions are public and which transactions are private, as per our wish
• In the beginning, sellers can upload their advertisements for everyone to see and once the property is sold, the buyer will be the owner of the propery in the blockchain
• Then, as this method of transaction becomes popular, the jurisdictions will have to adopt the ledger as the legal ledger
• An online document will be issued and the transactions will be forever encoded in the blockchain.
Why blockchain ?
The following advantages can be obtained
• Blockchain integration
◦ Your data is secure and your title deed is stored forever via the blockchain
• Payment Channel
◦ Buy property online from any country using the xdc crypto currency
• Paperwork Online
◦ Make offers, upload related documents, and get a confirmation online
Functions :
• Upload an advertisement
◦ The seller uploads his property as a classified advertisement
◦ The seller has to upload the images of the property as well as and the property name and description
◦ He also has to enter the Aadhar card number for verification
• An interested buyer can buy the same using the xdc cryptocurrencies
• Remove an advertisement ◦ If the property has been sold then, or if the seller decides to not to sell his property then the advertisement is taken off.
Use Cases :
• The application should be used to enable people to advertise, sell and buy properties online
• As the number of transactions continue to increase, the application can also be used to check up the owner of a particular property Technology stack
On the front end we use html and css for styling and java script for the coding part.PHP is used to create a database
Smart contracts are implemented using truffle suite as it makes the process a lot easier.There will be three types of contracts
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Metadata contract for storing the property documents
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Transaction contract will verify buyer and seller’s balance and authenticity
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Identity contract will verify the Aadhar number
Finally, the smart contract will be uploaded on the xdc blockchain
Limitations :
• Cryptocurrencies which are used for transactions are extremely volatile which discourages people from investing in cryptocurrencies like xdc
• Crime : People buy and sell properties online and this may encourage criminals to buy property through online channels
• People who are not tech savvy may choose to not to buy properties through a digital channel, using cryptocurrencies
• People may try to sell properties which do not belong to them.
Future aspects :
Basically since we are dealing with ‘properties’, they need not be just land related.This platform can be slightly modified to enable people to sell many different properties like : • Collectable items(Including artefacts and precious stones or metals) • Cars • Shares
Github project link :
Contact info (Github profile): Tejas Paranjape (Tejare) email : tejasparanjape1@gmail.com Sharvesh Pataki Shubham Gogate(SHUBHAMGOGATE) Mihir Gondhalekar