EstateDEX is a Real State Registration platform based on a decentralized application (D-APP) where buyers and sellers can connect to sell and buy their Real state. The system aims to provide a secure and transparent way of registering property and transactions as well as preventing fraud and errors.
The property Registration Process is a critical aspect of any property transaction. It involves the legal transfer of ownership from one party to another. However, the traditional property registration process can be time-consuming, costly, and prone to errors. This is where Blockchain Technology comes in It connects buyer and seller through our platform, To register a property title, the owner submits the necessary documents and information to the system, which then creates a digital certificate of ownership and registers it on the blockchain. This certificate contains all the relevant information about the property, including its location, size, ownership history, and any liens and encumbrances. whenever a transaction involving the property occurs, such as a sale or transfer of ownership, the parties involved submit the necessary documentation to the system, which verifies the transaction and updates the blockchain accordingly. This creates a transparent and auditable record of all the transactions involving the property, which can be accessed by authorized parties at any time.
....in which initially the buyer sends money to our platform(we have to mention which property they want to buy) then the seller transfers his property to the buyer which will currently be stored in our platform. Now the buyer becomes a new owner and the older owner can withdraw their money through our platform.
So basically if we talked about the traditional property registration process involves a lot of processes also it is time-consuming, costly, and less transparent and the major problem is registration fraud. Here are some common types of fraud.
● Fraudsters fabricate fake documents to prove their property ownership, which they then sell to unwary customers.
● In some cases, a property may be registered illegally—that is, without the actual owner's knowledge or consent.
● Fraudsters may make copies of the original property papers and sell the property to several buyers.
● Officials involved in the registration process occasionally take money in exchange for covering up errors or permitting phony registrations.
But when we switch to Blockchain Technology it offers several benefits
- Increased Transparency: Here all the transactions are visible to all parties involved, making the process more transparent.
- Improved Security: The tamper-proof nature of the blockchain means that all transactions are secure and cannot be altered.
- Faster processing times: Transactions can be processed much faster using blockchain technology, leading to a more efficient process.
- Reduced cost: Using blockchain technology can significantly reduce the costs associated with property registration processes.
To use our platform users will need to create an account and verify their identity. Once this is done, the user can access the platform to view all the transactions related to a particular property. To make transactions users need will to provide the necessary details and pay the fees.
This project demonstrates a basic Hardhat use case. It comes with a sample contract, a test for that contract, and a script that deploys that contract.
Try running some of the following tasks:
npx hardhat help
npx hardhat test
REPORT_GAS=true npx hardhat test
npx hardhat node
npx hardhat run scripts/deploy.js