| Idea Name: |
Block Estate |
| Slogan: |
Your Property Tokenized |
| Supervisor Name: |
Dr Ali Tahir |
| Supervisor Designation: |
Associate Professor |
| Supervisor School: |
IGIS - SCEE |
| Supervisor Department: |
IGIS |
| Contact number: |
03225020145 |
| Email ID: |
[email protected] |
| Abstract: |
| We are developing a Decentralized Web Application to enable peer to peer buying and selling of land (represented by digital token on Blockchain) via Blockchain and GIS without the involvement of any 3rd party agents. This application makes use of the key properties of Blockchain which are decentralization, immutability and security, hence allowing secure transfer of land ownership between users. |
| What is the unmet need in society that your idea will fulfill ? |
| Our society suffers from poor land management records, fake land ownership records and hence corruption in land dealings. With our app, a secure transaction of land will be ensured between one valid user to another valid user. The record of transaction and ownership will be stored on Blockchain. |
| Who needs it ? How many would benefit ? |
| The general public will use this application to buy or sell land securely without the need of any 3rd party. It will also benefit the government authorities to keep track of land records as well as their transactions. So it will be beneficial for the state and its citizens. |
| How will the solution works |
| A land parcel will be represented by a token on Blockchain. The owner of the land will have this token stored in their Ethereum wallet. To sell this land, they will put it for sale. A buyer will select to buy the land for an agreed price with the seller. Buyer and seller will sign legal digital documents which will be stored on the Blockchain. Once the payment has been made and confirmed by the buyer and seller, the land token will be transferred from the seller's wallet to the buyer's wallet. |
| Who are your competitors ? How is your solution different |
| We have no competitors as of now. This is a new concept in the space of real estate. There is still research about this going on all over the world on how to implement this kind of system into real estate. We are bringing a prototype for those researches. |
| Status: |
new |
| Entry Date & Time: |
2022-12-27 (1258) |
