Question & Answer IBCOL

Q1: Why Blockchain?

Answer: In the traditional real estate industry we suspect some issue like,
 Illiquid conveyance
 Opaque due diligence
 Weak data integrity, security, accessibility
 Transaction cost
 Siloed or inaccessible data
 Legal inconsistencies
 Fraud

 blockchain technology can convert all property documents, buyer & seller’s
identity into a secure digital identity which can fix Weak data integrity,
security, accessibility such kinds of pain points.
 Here we are using smart contract so that we can easily transfer ownership
from buyer to seller
 Then soiled or inaccessible data can be replaced by Distributed ledger, which
is immutable, secure for the transaction history
 Blockchain reduce unnecessary cost by cutting out intermediaries

Q2: What is the role of government in this system?

Answer: Basically, we have got involved the government to make title transfer,
property document verification such kind of things more secure and more credible
to the buyer.
Q3: Why government will participate/ include in this system?
Answer: We know that real estate is a huge market from which the government
can earn a lot of revenue, but some frauds, tax evasion etc. are obstructed in the
collection of revenue.
Now if the government include in our system then Govt will able to monitor all the
transactions, trading properties. And this will eliminate such kind of problems.
Q4: Are you developers or are you Real Estate Company?
Answer: Mainly we are Development Company. we sell our system to the real
estate company and Government.

Q5: Why Real Estate Company will take this solution from you? What are the
problem in exiting market?
Answer: Currently, real estate Company trading is a manual process, time-
consuming, unnecessary cost, and requires unnecessary manpower. If they use our
system, they can reduce the cost and gain a lot of trust of the buyer. Also, property
advertisements will be easier.

Q6: The role of bank?

Answer: Just money will be transferred and the history will be recorded in our
system

Q7: How buyer will ensure about the seller for buying property?
Answer: only verifiable property will be included in our system. So this will ensure
the verified seller
Q8: which type of blockchain, which type of platform?
Answer: We think Consortium blockchain network will be perfect for our system.
Because This network has many of the same advantages as a private blockchain but
operate under the leadership of a group instead of a single entity what our system
actually need.
Because Haperledger fabric makes the enterprise requirement flourish. It will be
helpful for digital identity since it uses member ship service provider which is very
important for our system. Haperledger has a lot of roles to play in private data
handling.
1. Hash of the data serve as an evident of the transaction used for state
validation and can be used for audit purposes. The client application submits a
proposal request to invoke a chaincode function (reading or writing private data) to
endorsing peers which are part of authorized organizations of the collection. The private
data, or data used to generate private data in chaincode, is sent in a transient field of the
proposal.
2. The endorsing peers simulate the transaction and store the private data in
a transient data store (a temporary storage local to the peer). They distribute the
private data, based on the collection policy, to authorized peers via gossip.
3. The endorsing peer sends the proposal response back to the client. The proposal response
includes the endorsed read/write set, which includes public data, as well as a hash of any
private data keys and values. No private data is sent back to the client . For more
information on how endorsement works with private data, click here.
4. The client application submits the transaction (which includes the proposal response with
the private data hashes) to the ordering service. The transactions with the private data
hashes get included in blocks as normal. The block with the private data hashes is
distributed to all the peers. In this way, all peers on the channel can validate transactions
with the hashes of the private data in a consistent way, without knowing the actual
private data.
5. At block commit time, authorized peers use the collection policy to determine if they are
authorized to have access to the private data. If they do, they will first check their
local transient data store to determine if they have already received the private data at
chaincode endorsement time. If not, they will attempt to pull the private data from
another authorized peer. Then they will validate the private data against the hashes in the
public block and commit the transaction and the block. Upon validation/commi t, the
private data is moved to their copy of the private state database and private writeset
storage. The private data is then deleted from the transient data store .

For the data privacy we will use private data collection facility like seller will store
his property related data in a private state database on the peers of authorized
peers
Q9: challenges to implement this?
Answer: adapt to this new technology, huge project need to take steps step by step.
Q10: your targeted customer?
Answer: Government and Real estate company.

Traditional competition Company

 The average commissions charged by an agent vary from around 1.4 percent
in the U.K., 2 percent in Australia, 2.8 percent in New Zealand to 5-6 percent
in the U.S.
 Canadian firm ComFree. Founded in 1997, it offers to sell homes for a fee of
between $600 and $1,000 Canadian, paid up front. In this company, for an
extra fee (paid only if the home sells) home sellers can hire its experts to
negotiate for them.
Blockchain based
PROPERTYCLUB
How it's using blockchain in real estate: PropertyClub is a real estate platform that
uses blockchain to refine the way people market, search for, buy, sell and invest in
properties. Using smart contracts, the company conducts real estate transactions
digitally using cryptocurrencies like Bitcoin or its own PropertyClub Coin (PCC).
Manago, Meridio , SMARTRealty
Meridio
Meridio allows commercial property owners to sell digital shares of their real
estate. The company’s platform connects individual and corporate investors with
property owners who are looking to liquidate portions of their ownership.
Comparison with RETransparentNET:
 In Traditional system there are involvement of real estate agents, In
RETransparentNET there is no involvement of agents
  In our system there is participation of Government who will monitor all
transactions and provide security assurance of all the documents related to
property.
 In traditional system there is much lack of liquidity, traceability, proper
security, but with DLT those things can be assured
 Most of the exiting blockchain based companies provide tokenization system
or working with a small portion, But RETransparentNET will be a full package
for real estate industry.
 The existing companies does not provide any financial model while
RETransparentNET released a detailed financial model so anyone can see and
test the assumptions.
 The existing companies does not provide any business model while
RETransparentNET provide a business model so anyone can make some
assumption.

Question 25: Impact of blockchain in real estate industry?

Making transaction processes more efficient: Most real estate transactions are
still conducted through wire transfers and require costly verification processes
that can take days to complete. Blockchain-based transactions could enable a
streamlined process which delivers quickly and reduces costs

Q26: How blockchain is used in real estate industry ¿/ How does blockchain
change real estate industry?
Answer26: Blockchain technology has impacted the real estate industry in a
variety of ways, including offering a new means for buyers and sellers to connect
with one another. Blockchain could be used to cut intermediaries out of the real
estate transaction process, thereby reducing costs

We are not going to use bitcoin transaction

Because we found some issues like
1. Exposure to Bitcoin-Specific Scams and Fraud. ...
2. Black Market Activity May Damage Reputation and Usefulness. ...
3. Susceptible to High Price Volatility. ...
4. No Chargebacks or Refunds. ...
5. Potential to Be Replaced by Superior Cryptocurrency. ...
6. Environmental Ills of Bitcoin Mining.

Real Estate Investing

Last but not least, a blockchain-based real estate platform can also streamline the
investing process – using the concept of tokenization and fractional ownership.

Tokenization is termed as a process in which the owner can give digital tokens to
those having a share in property. They all can track their investment using
blockchain, with each transaction being immutable and time-stamped.

This concept of tokenized real estate can make it possible to reduce the risk of
fraud associated with the industry. An impact of this is that soon 66M buildings
will be tokenized on Ethereum Blockchain in record deal.

Whereas, Fractional Ownership will reshape the future of traditional real estate
economy. The process of making unrelated parties come together to share and
eradicate the risks associated with the ownership of a high-value tangible asset
can help small investors enjoy ROI without waiting for months or years. And
eventually, make trading of real estate properties possible beyond the
geographical boundaries.

While this would have given you an idea of the endless opportunities of
blockchain technology in the real estate industry, let’s go through some real-life
examples to understand it better.

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Frequently Asked Questions

1. How will Blockchain change Real Estate?
Blockchain will change Real Estate industry by providing advantages like:

Higher Transparency and traceability,

Elimination of third-parties,
Faster transactions, and
Lowered cost of every transaction.
2. How to use Blockchain in real estate business?
Blockchain can be used in different areas of real estate in different forms, such
as:-

a smart contract,
a decentralized and immutable ledger, and
in the form of cryptocurrencies.
3. How will blockchain technology affect the real estate industry?
Blockchain technology in the real estate economy will help overcome the existing
challenges and bring better opportunities. It will:

make the real estate process transparent,

reduce the cost involved,
simplify the process of property and deed management,
enhance security level, and much more.
Gurdeep Singh

Business Question:
Q21. How will you be branding your system?
Answer: we won’t take any signing money because we will facilitate our customers
so that we can encourage them to use our product.
First we let the customer use our system for free for a few days so they can get
used to it and we can improve our system with their feedback.

Q22. How will sustain by charging 1 %?

Answer: Suppose there are 20 flats in an apartment and if the price of each flat is
around 117849.97 usd then 1% of it will be around 1178.50 usd. Thus, if we do it
for 10 apartments, our revenue will be around 235,600 usd. Which will help us to
survive.

Abstract:
We are working for the real estate industry. We find people don't get the courage
of trading property since there are lots of problems is the traditional system. The
person who wants to buy or sell a property knows the complexity. So our main
goal is to make a platform where all transactions will be smooth. Like no fraud in
the real estate industry. There are lots of pain points exist in the real estate
industry like, illiquid conveyance that means it is hard to transfer ownership of
the property from buyer to seller, most of the data are fractured which is all over
the place that results in weak data integrity, security, and accessibility.
Real Estate industry is complicated as well as complex enough for those who
want to buy or sell a property. Above all, it is expensive for buyers because lots
of middlemen like real estate agents, banks, governments everyone needs to
check the property paper and they also cut a portion of the money. There are
lots of pain points exist in the real estate industry like, illiquid conveyance that
means it is hard to transfer ownership of the property from buyer to seller,
most of the data are fractured which is all over the place that results in weak
data integrity, security, and accessibility.
So we provide a blockchain-based solution called RETransparentNET that is
more transparent, trustable, and it provides easy and accessible land property
data, reducing paper-work with the use of digital identity, provides a common
database called Distributed ledger for all the vendors, creating easy payment
and title transfer facility with the automation of transaction using a smart
contract.
RETransparentNET needs the Consortium Blockchain network and to implement
it uses Hyperledger Fabric driven architecture. Our system will be built upon
Consortium led ecosystem business model.
So, RETransparentNET can be considered as an impactful project as aligned with
Sustainable Development Goals 11 (Sustainable City and Communication).