Prochain

Pakistan real estate industry worth around $700 Billion. But still industry is working on old infrastructure. Due to which problem like fraud have made its way in root of this industry. Here comes prochain which aim to become official ledger for property records in Pakistan. We are providing service

Project Title

Prochain

Project Area of Specialization

Blockchain

Project Summary

Pakistan real estate industry worth around $700 Billion. But still industry is working on old infrastructure. Due to which problem like fraud have made its way in root of this industry. Here comes prochain which aim to become official ledger for property records in Pakistan. We are providing services of registration, verification and transfer. We are transforming real estate industry into blockchain, which is decentralized and tamper less. By this we'll reduce fraud problem cause due to documents. There is one more reason of fraud which is too many intermediaries and there only reason of existence is trust issue between buyer and seller. By storing documents on blockchain this will make the system transparent and help buyer and seller connecting directly. Initially we are targeting private societies but our vision is to become official ledger for property records in Pakistan.

Project Objectives

Our primary and upmost objective is to reduce property frauds and become a official ledger for property records in Pakistan. Our secondary objective is to reduce verification process to minutes of work and reduce transfer process which takes months to complete in only 1 week.
 

Project Implementation Method

Primarily we are providing a website for our services but implementing and overcoming the barriers involved in this project was not easy. After research we were aware that blockchain is a solution but how? we have no answer for this. We have tried "try and error" approach and used many solutions until we find the correct one.

Our first problem was to overcoming the storage cost on blockchain we can store transaction on blockchain easily but to store whole document will cost us around $300-$500. We tried images processing, sia coin decentralized storage system but none of them was usefull until we implemented encoding/decoding and then storing that documents on Inter Planetary File System. 

Then making blockchain useable for normal users was not easy. We are required to present users a website not a complex screen where transactions were going on. People in Pakistan are scare of cryptocurrency due to ban. That' why we have developed middle ware for interaction with blockchain and a wallet where they can pay simply pay their native currency and can perform a transaction on blockchain.

We are representing physical property on blockchain with a non fungible token which people can buy and sell. That's how we are maintaing a complete chain of property records. We are basically database less system. Critical data is not stored on traditional database but rather on blockchain and IPFS, which is making our system more reliable and solution for many problem.

Benefits of the Project

According to our research there in KDA daily 70-80 cases of duplicate document are registered. Our project will reduce this numbers by providing decentralized system. Connecting buyer and seller directly and implementing tamper less technology will help people to make corruption free Pakistan. Moreover our system will also reduce timing of transfer and verification to days and minutes which currently takes days and months.

Technical Details of Final Deliverable

Our System is composed of 4 different modules which are

1-Registration Module

2-Verification Module

3-Listing Platform

4-Transfer Module

Registration Module: Through this people can register their properties on blockchain. This module will connect owner and society admin to blockchain. Also in this module we will register property documents on IPFS.

Verification Module: Verification of property from regulatory body is not hassle free. It cost you one whole day with money. With our portal anyone can verify their property withing minutes. On initial level we'll just show primary details like owner, location and area of property later on request , they can see documents by paying amount (which is less than currently charged by regulatory body) and with the permission of seller. 

Listing Module:  Here people can list their property by uploading primary details (location, telephone, address, price) and scanned pdf file of documents. Which will be verified by society admin module.

Transfer Module: Through this module people are able to transfer their properties to new owner. Now our biggest challenge was to connect buyer and seller directly to reduce intermediaries, so for this we have developed a complete portal where buyer can bid, then seller can accept or reject. Meanwhile seller can set appointment with any buyer in society office. They can generate sell/purchase agreement with each other and can sign digitally. This whole process is carried out with the help of smart contract which is deployed on blockchain. Process is controlled by smart contract not by us , which again makes the process completely decentralized.

Final Deliverable of the Project

Software System

Core Industry

Others

Other Industries

IT , Legal , Security

Core Technology

Blockchain

Other Technologies

Blockchain

Sustainable Development Goals

Decent Work and Economic Growth, Sustainable Cities and Communities, Peace and Justice Strong Institutions

Required Resources

If you need this project, please contact me on contact@adikhanofficial.com