Conventional land registry systems can be unreliable when it comes to checking the ownership of the property, which opens up an opportunity for malicious behaviour by people selling property that does not belong to them. Property-related fraud might not be as common as other kinds of fraud, but it is definetely one of the most painful and costly for the property owners who have to go through a legal process to revert the already happened transfer of ownership.
Our mission is to protect owners from property fraud by storing proof of ownership on the blockchain and tracking changes in the official off-chain land registry. We expect an introduction of Central Bank Digital Coin (CBDC) in the near future and the following migration of land registry onto the blockchain. Anticipating those changes we aim to become the first official land registry and a platform which will enable quick and secure property ownership transfers.
- Registration of a property ownership on a blockchain
- Verified owners can have a NFT on a property issued for them, which can be used as a collateral for loans in CBDC
- Price estimation of a property
- Subscription-based notification service with regular monthly payments. Owners will receive notification in Telegram in case a change in the off-chain land registry is detected and will be asked to confirm the transfer of ownership.
- Property market where onwers of properties listed on the platform are verified through the public ledger. The platform will connect property buyers and sellers and ensure secure deals.
Try it out with our Land registry bot
We imagine this project to work in two scenarios, aiding in the transition from the first to the second:
Cryptographic Coin wallets have become much more ubiquitous, potentially through the use of CBDC. The land registry is still managed through the existing government-run entities, with the existing downsides, especially high costs and potential for fraud. In this scenario, we serve clients by a) registering their property on the blockchain, after checking with the current off-chain registry to verify that they are the owners and then consequently b) check the public registry every week to ensure that they are still entered there as the accredited owner. In the case the ownership has changed, we notify the customers, so that they can take appropriate measures to combat any potential fraud that may have occured. While this happens, Customers are getting more used to blockchain.
In this second scenario, our service has replaced the traditional registry, and properties are now registered solely on the blockchain. Transfers are performed on the chain, reducing transaction costs greatly. Owner can have NFTs issued against their property, which can serve as collateral to be used in mortgage- or other loans issued by both peers & traditional lenders such as banks.
Frontend:
Backend:
- Ethereum Blockchain
- Solidity
- Infura to connect to Etherium network
- Ropsten test network
- Pinata for storing NFT metadata
- Brownie to compile and deploy contracts
- Metamask to manage wallets
- build: Compiled Contracts & Deployment Information from Brownie
- contracts: Solidity Contracts:
- Registry.sol: Contract signing up customers, registering properties & creating the blockchain registry
- NFT.sol: Contract that mints the NFT at the Users request
- Subscription.sol: Contract to handle the subscription payments for verifying User's property on the current, non-blockchain registry
- helpers: Python backend scripts that handle price prediction, ownership check & connection between Blockchain & Telegram bot
- scripts: Python backend scripts for deployment using Brownie & for minting the NFT
- telegram: Front-end telegram bot that the Customers interact with