Project Id: 2020CSEPID03

Project Synopsis
on
Real Estate Registry Platform through NFT Tokenization
using Blockchain

Submitted in Partial Fulfilment of the Requirement

For the Degree of

Bachelor of Technology
In
Computer Science and Engineering

By
Anshul Tripathi (2002900100024)
Aniket Chaudhary (2002900100016)
Anshul Sharma (2002900100023)

Under the Supervision

ABES INSTITUTE OF TECHNOLOGY, GHAZIABAD

UTTAR PRADESH, LUCKNOW

The Real Estate Registry Platform using blockchain is an innovative way to manage property
records. It utilizes blockchain's security and transparency to create a tamper-proof system for
recording property ownership. Each property gets converted into a Non-Fungible Token (NFT)
and securely transferred, and transactions are securely documented on a blockchain ledger,
reducing fraud risk and reliance on central authorities. Smart contracts automate processes,
and authorized parties can easily access property information, increasing transparency. This
technology has the potential to simplify real estate transactions, build investor trust, and reduce
disputes.This Platform has been developed to reduce the fraud and forgery involved in the
ancient land transfer process[1] Through this system we aim to reduce the frauds by using
NFT Tokenization. The person having the NFT has the real ownership of the property. In this
project we are using ERC tokens to automatically mint a NFT so that the house ownership gets
converted into the NFT.[1], [2]. This NFT will get transferred in the system. The tamper proof
nature of blockchain provides a better base to the dapp on which it is built. The system that we
are trying to implement is based on Ethereum Blockchain that will store all the transactions
made during the process of land ownership transfer. Using the concept of smart contracts of
blockchain technology we can triggers various events like access of land documents to a land
inspector and fund transfer event from buyer to seller after successful verification of the land
ownership transfer. This system will solve the problems faced by all the three parties during
the land registration and will also remove the intermediaries like property dealers.

The results of this platform and its advantages can be predicted but will actually come up after
it is made. This system makes the process of land registration resilient and decrease the cases
of fraud in the process. Using the system, validation of the lands is also possible as immutable
transactions are being stored in the public ledger
LIST OF CONTENTS

1. Introduction………………………………….……………………...4

2. Purpose of the Project……………………………………………....6

3. Problem Statement………………………………………………….7

4. Research Approach/ Methodologies………………………………. 9

5. System Requirements………………………………………………10

6. Conclusion …………………………………………………...…….11

7. References…………………………………………………….…….12
INTRODUCTION

The Real Estate Registry System using blockchain technology represents a groundbreaking
advancement in the field of property record management and real estate transactions.
Traditional real estate registries often grapple with challenges such as fraud, inefficiency, and
a lack of transparency. Blockchain technology offers a transformative solution to these
problems by leveraging its unique features to create a secure, transparent, and efficient system
for recording and verifying property ownership. In this system, each real estate property is
assigned a digital identifier that is securely recorded on a blockchain ledger. Unlike
conventional registries, which rely on centralized authorities to maintain and validate records,
the blockchain-based approach decentralizes this process, reducing the risk of fraud and
manipulation. A pivotal component of this system is the use of smart contracts. These self-
executing contracts are programmed to automatically enforce predefined rules and conditions
when specific events occur. In the context of real estate transactions, smart contracts streamline
processes such as property transfers, title searches, and financial transactions, reducing the need
for intermediaries and minimizing the potential for errors and disputes. However, it is important
to acknowledge that the implementation of blockchain-based real estate registries also faces
challenges, such as ensuring data privacy, scalability to accommodate large-scale transactions,
and alignment with existing regulatory frameworks.

This complete dapp is built on Ethereum blockchain. Ethereum is a free open-source platform
which helps developers to build and deploy decentralized applications such as smart contracts
and other complicated legal and financial applications. Ethereum is kind of a programmable
Bitcoin where developers can use the underlying blockchain to create markets, shared ledgers,
digital organizations, and other endless solutions application to a problem that need immutable
data and agreements, all without the need for a moderator or realtor. Released in 2015,
Ethereum is the brainchild of the prodigious Vitalik Buterin, who saw the potential uses of
Bitcoin’s underlying blockchain technology as the next steps in speeding the expansion of the
blockchain community. Ethereum is now currently the cryptocurrency with the second highest
coin market cap and is expected by some to surpass Bitcoin as both a valued investment and as
the world’s most popular cryptocurrency. Hence Ethereum is best suited for creating a ledger
that stores transactions during the property ownership transfer process. The aim is to create a
ledger along with some smart contracts that will triggers the various events that are going to
happen on the system during the process of ownership transfer[3].
 PURPOSE OF THE PROJECT

The purpose of a Real Estate Registry System using blockchain is to transform and enhance
the management of property records and real estate transactions by leveraging the unique
capabilities of blockchain technology[5], [6]. Some of the key purposes and benefits include:
• Security -- Blockchain offers robust security features that make property records tamper-proof
and highly resistant to fraud
• Transparency -- Blockchain's transparent nature allows all authorized parties to access and
verify property information.
• Efficiency -- Automation through smart contracts streamlines real estate transactions[7].
• Reduced Fraud -- The immutability of blockchain records and the elimination of centralized
intermediaries significantly reduce the risk of fraudulent activities.
• Accessibility -- Authorized parties, including government agencies, legal professionals, and
property owners, can access property records quickly and securely.
• Cost Savings -- By removing intermediaries and automating processes, the system can lead to
cost savings for both property buyers and seller.
• Identity Verification – Verification of identity is automatically done through NFTS because
NFTs are unique and are owned by only one person until further transferred.

In summary, the primary purpose of a Real Estate Registry System using blockchain is to
revolutionize property record management by providing security, transparency, efficiency, and
accessibility, ultimately leading to a more reliable and trustworthy real estate ecosystem.

The roles in the system are:

• Buyer: Buyers needs to register himself by providing the documents issued by government. Then
he can see the property which is available[3], [4].
• Seller: Seller needs to register himself as a seller, he will upload photos of the property, along
with the documents[3] of the property.
• Land inspector: An official from registration government agency, he inspects the documents
once any seller approves the request of buyer to buy the property[3].
• Lender: A person that gives loan to people who needs for buying the NFT.
PROBLEM STATEMENT
Buying a property in India is very crucial and you need to pay due diligence to the entire process.
Especially, you have to make sure all the papers are clear from title defects and other legal issues.
It is best to register your property with the help of reputed legal professionals and lawyers as they
scrutinize each and every document and offer the advice on whether to proceed further or not.
Real Estate registration system will make our life very easy by support from the power of
blockchain. Real-Estate registry in India as well as in many parts of the world is very slow and
cumbersome process. There are also many intermediaries involved in the process of property
registration, also verification of identity of the owner is also an important problem to be solved.

AIMS
• Develop an advanced dapp capable of transferring property ownership to the correct buyer.
• Implement a real-time system to assess the availability of property that is to be sold.
• Minimize the frauds generated in the Real Estate registry by introducing the inspector that
checks the smooth dealing of the seller and buyer.

OUTCOME
• Enhanced User Experience: Users will experience a smooth experience while using the app
because it is made with the power of NextJS and ReactJS.
• Transparency: Users will sell and buy property effortlessly with the power of Ethereum
blockchain.
• Flexibility: Users will have the flexibility to buy the property by taking loans from lenders.
.
.
RESEARCH METHODOLOGY

In B-tech fourth year we decided to make a project to solve a real-world problem and learn
the emerging features of blockchain by developing a dapp (decentralized application). After
realizing the need of a decentralized body in the real estate registry system and the problems
faced in it, we decided to make a dapp on real estate registry where users can buy and sell
properties. After reading many research papers and doing extensive literature survey we find
various flaws in the existing work done and some new features that can be added to improve
the functionality of the app, through this we can properly utilize the power of blockchain
technology. In this dapp we are using -
ReactJS (For Front-End)
Solidity (Smart Contract programming Language)
IPFS (Decentralized file system)
Hardhat (Testing environment and compiler)
ERC Token
These are promising technologies with easy-to-use methods and a huge community support.
Our idea for the project was very simple. We will try to build on the existing work and add
some new features and will fix flaws. We have made extensive research on this topic and
found that identity verification of the real owner is a problem needs to be resolved. In this
dapp, the person having the NFT has the real ownership of the property. In this project we are
using ERC tokens to automatically mint a NFT so that the house ownership gets converted
into the NFT.[1], [2]. This NFT will get transferred in the system. The tamper proof nature of
blockchain provides a better base to the dapp on which it is built. The system that we are trying
to implement is based on Ethereum Blockchain that will store all the transactions made during
the process of land ownership transfer. Using the concept of smart contracts of blockchain
technology we can triggers various events like access of land documents to a land inspector
and fund transfer event from buyer to seller after successful verification of the land ownership
transfer.
SYSTEM REQUIREMENTS

Hardware Requirements:
1. RAM (Up-to 4 GB)
2. Hard Disk Storage (Up-to 1GB)
3. Internet Connection (Up-to 3Mbps Speed)

Software Requirements:
1. Web Browser
2. Remix IDE
3. MetaMask (Crypto Wallet)

Technology used:
1. ReactJS (Front-End)
2. Solidity (Back-End)
3. IPFS (Decentralized Database)
4. Hardhat
CONCLUSION

A real estate registry system using blockchain technology has the potential to revolutionize the
real estate industry by addressing many of its longstanding challenges. This project focused on
the construction and deployment of fundamental smart contracts for the Registration procedure.
On the Remix IDE, all of the functionalities deemed to be necessary in the property registration
process have been built and tested. This application basically solves the identification problem
of user by converting its ownership into a NFT, which can be created easily using ERC tokens
and transferred to the person or owner. This dapp can easily reduce the fraud problems which
was in the previous versions of the app. This app addresses the problem of Identity verification
which is main cause of land frauds in India. The ERC token which mints the NFT can easily
produce NFT within seconds. The future scope of this project is to introduce Machine learning
and property prediction models in the Real Estate registry process. This will make the app more
promising and advanced, also this app is not completed as verification of criminal records
against the seller needs also to be addressed, which is furthermore a future scope. Real estate
registry is a very slow process in India which can be automated and sped up through this dapp.
REFERENCES

[1] A. Thosar, M. Hame, A. Sarode, and P. Kaur, “Land Registry Management using
Blockchain,” in Proceedings of the 2020 International Conference on Smart Innovations
in Design, Environment, Management, Planning and Computing, ICSIDEMPC 2020,
Institute of Electrical and Electronics Engineers Inc., Oct. 2020, pp. 335–340. doi:
10.1109/ICSIDEMPC49020.2020.9299614.
[2] M. Shuaib, S. Alam, R. Ahmed, S. Qamar, M. S. Nasir, and M. S. Alam, “Current Status,
Requirements, and Challenges of Blockchain Application in Land Registry,”
International Journal of Information Retrieval Research, vol. 12, no. 2, pp. 1–20, Aug.
2022, doi: 10.4018/ijirr.299934.
[3] R. Khan, S. Ansari, S. Sachdeva, R. Khan, and S. Jain, “Blockchain based land registry
system using Ethereum Blockchain.” [Online]. Available:
https://www.researchgate.net/publication/340830321
[4] R. Natarajan, “Digital Dharti: A Policy for Blockchain in Land Title Management
System of India,” 2023, doi: 10.13140/RG.2.2.19944.03844.
[5] A. Mittal, B. Sharma, and P. Ranjan, “Real Estate Management System based on
Blockchain,” in 7th IEEE Uttar Pradesh Section International Conference on Electrical,
Electronics and Computer Engineering, UPCON 2020, Institute of Electrical and
Electronics Engineers Inc., Nov. 2020. doi: 10.1109/UPCON50219.2020.9376540.
[6] R. C. Suganthe, N. Shanthi, R. S. Latha, K. Gowtham, S. Deepakkumar, and R. Elango,
“Blockchain enabled Digitization of Land Registration,” in 2021 International
Conference on Computer Communication and Informatics, ICCCI 2021, Institute of
Electrical and Electronics Engineers Inc., Jan. 2021. doi:
10.1109/ICCCI50826.2021.9402469.
[7] S. V Athawale, “Decentralized Application Using Blockchain for Land Registration.”
2023, doi: 10.13140/RG.2.2.198594.0598.