Claims:We claim:
1) System for property registration by using blockchain technology is comprising of:
a. The web application of property registration – used for registration of property;
b. Any electronic computing device which has active internet connection – used for interacting with web application;
c. Property database – used for storing all data related to property; and
d. Backend server – used for storing database and application
Wherein, through an electronic device the said application can be accessed through which user can apply for registration of property, can track the application status and can check for property history from the database.
2) Method for property registration by using blockchain technology is comprising the steps of:
a) Creating a self-profile with legal documents on the web application by said user;
b) Applying for property registration on the web application by said user;
c) Submitting all required documents for property registration by said user;
d) Verification of submitted documents is done at backend server;
e) If verification results negative then it will message said user that verification not done and update right information
f) If verification results positive then blockchain executes smart contracts specific to requested action
g) The new registration data is stored in database cryptographically format
h) The new block of information is created using hash
i) This new block of information is attached to blockchain
j) The property registration certificate is issued to said User who request for it through property registration process
k) The said new block data is published on every node, who is requested for watch
3) The method claimed in claim 2, wherein user must have government approved photo id proof to prove Genuity.
4) The method claimed in claim 2, wherein user must submit all needed document related to property registration.
5) The method claimed in claim 2, wherein user must create profile on web application.
6) The system claimed in claim 2, wherein user must submit proof of ownership of property.
7) The system claimed in claim 1, wherein said user can keep track on transaction of all registry documents.
8) The system claimed in claim 1, wherein online process reduces waiting period for getting the registration certificate.
9) The method claimed in claim 2, wherein creates smart contract between authority and property owner.
10) The method claimed in claim 2, wherein said user can track the status of application.
, Description:Field of the invention:
The present invention is related generally to the real estate sector, and more particularly to system and method for property registration by using blockchain technology.
Background of the invention:
Property registration is the process of registering the changes in ownership and transactions related to the immovable property. In the current property registry process, there are some challenges which makes this process very critical and hectic such as:
The involvement of middlemen/brokers - Middlemen and brokers are unavoidable part of every big business because they know more about market offerings. Buyers and Sellers usually prefer to call them for registration process which results buyers gain deeper understanding of the market and lower/higher prices for the transaction. Real estate is big business which includes number of persons such as brokers, lenders, intermediaries and local governments. And this results into additional costs, making entire process expensive.
Increasing number of fraud cases – Sometimes, cases of imposter posting as the seller of a property happens. If an imposter successfully pretends as a property owner, they may receive the full amount of after completion and escape with the funds. In many of these cases, both sellers and buyers were unaware of the fraud until discovered by the property registry as part of a spot check exercise.
Time delays – Property registration occupy a long time to complete title registrations. It may include gap of several months between completion and registration. In between this period, many legal problems could also arise.
Human error/intervention – In current situation, updates to property registry are done manually and its accuracy depends on a particular individual which means that property registration is more vulnerable to human errors. Human intervention could increase the chances of errors in the process of property registration system.
There are a system having real estate related inventions, which are patented, are listed below.
South Korean patent application KR100443328B1 discloses Real Estate Registration System and Method using Internet. PURPOSE: A method for real estate registration using internet is provided to improve the convenience by acquiring real estate knowledge and executing real estate registration through one's ability. CONSTITUTION: A method for real estate registration using internet is composed of connection, search, and registration. The user connects to the homepage(S10) and certifies oneself as a free member(S20). The search for real estate related data is executed(S30) and real estate registration consulting is processed(S40). The manager operates a specific server, processes the real estate registration of paid members(S50), and the registration application is printed(S60).
US patent application US9105061B2 by David Eraker, Adam Michael Dougherty, Edward M. Smith, Stephen Eraker discloses Online marketplace for real estate transactions. Under an embodiment of the invention, a web site system maintains a real estate web page. The web page has an aerial image map of a geographic region that can be navigated by a user. The web site system facilitates online collaboration for real estate transactions. When the user registers, the system creates a user account for real estate information. Real estate agents and/or other real estate service providers selected by the user are granted shared access to the user's account by the web site system.
Though the prior art patent discloses Real Estate Registration System and Method using Internet and Online marketplace for real estate transactions, they do not give any perfect solution for online property registration.
Blockchain is a distributed ledger, which relates to a ledger which is spread across the network with all peers in the network, and each peer holds a copy of the complete ledge but no one can change or modify any information. Blockchain is a way of keeping records and can be used in almost any product that uses some sort of record keeping or database management.
Object of the invention:
The primary object of the present invention is to provide system and method for property registration by using blockchain technology where user apply for property registration online through an electronic device.
Another object of the present invention is to provide system and method for property registration where said user has to create self-online profile.
Another object of the present invention is to provide system and method for property registration where said user has to submit all required documents for property registration.
Another object of the present invention is to provide system and method for property registration where verification of submitted document is done at backend server.
Another object of the present invention is to provide system and method for property registration where property registration certificate is issued to said user online.
Summary of the invention:
The present invention discloses system and method for property registration by using blockchain technology. The system of property registration is comprising of;
The web application of property registration – used for registration of property;
Any electronic computing device which has active internet connection – used for interacting with web application;
Property database – used for storing all data related to property; and
Backend server – used for storing database and application
According to the present invention, user would open the application where the said user should create online self-profile. Said user would have to submit all required documents and proofs for property registration online through an electronic device. At backend server, verification of all submitted documents have done. The new registration data is stored in database cryptographically format. If all documents are verified and true then property registration certificate is issued to said user. The information about property registration certificate is published on every node who request for it.
Brief description of the drawings:
Fig.1 illustrates system of this invention.
Fig. 2 illustrates flowchart of method for this invention.
Detailed description of the invention:
The present invention discloses system and method for property registration by using blockchain technology.
Blockchain is like a digital database which is distributed across a network of computers. The records on blockchain are stored in the cryptographic form which protects them from editing and removing. Blockchain can be used in various fields such as financial, insurance, education, manufacturing, logistics and real estate also. Transparency is the main features of blockchain technology.
Fig.1 illustrates the system for property registration by using blockchain technology is comprising of contents;
The web application of property registration – used for registration of property;
Any electronic computing device which has active internet connection – used for interacting with web application;
Property database – used for storing all data related to property; and
Backend server – used for storing database and application
Property registration mainly describes systems by which matters concerning ownership, possession, or other rights in property can be recorded (usually with a government agency or department) to provide evidence of title, facilitate transactions and, prevent unlawful disposal.
Fig.1 illustrates the system of present invention which includes an electronic computing device with active internet connection is used for interacting with web application of property registration. The said user would have to create online self-profile first and then would have to submit all required documents and proofs for property registration to the web application through an electronic computing device. When said user submit the documents and proof, backend server gets activated. At backend server, all submitted documents and proofs would get verified. If all documents and proofs are verified and true then, new record of data is created. This new record is in the form of data block. This block is then attached to the blockchain of property registration system. The data is stored in the database in cryptographic form. For verified and true documents, property registration certificate is issued to the said user. Any user can see any record of particular property but no one can change or update it. Only viewing is allowed and editing is not allowed which is the one of the features of blockchain.
Fig. 2 illustrates method for property registration by using blockchain technology is comprising of the steps are as;
Step 1) User create self-profile on web application through an electronic device
User must have to create the profile on the application with details like Legal name, government-issued Id proof, and designation
Step 2) User has to submit all required documents and proof for property registration
Step 3) User apply for property registration to the web application via any electronic device
Step 4) The backend server verifies the documents submitted by said user
Step 5) If verification results negative then it will message said user that verification not done and update right information
Step 6) If verification results positive then blockchain creates smart contracts specific to requested action
Step 7) The new registration data is stored in database cryptographically format
Step 8) The property registration certificate is issued to said user
Step 9) The new block data is published on every node, who is requested for view
Blockchain is a decentralized, distributed, and oftentimes public, digital ledger which is used to record transactions across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks.
There are some advantages of the present invention such as;
Person have absolute proof of property ownership which is given by the authority registry.
It provides evidence of the title of property ownership electronically which means that if old deed lost or destroyed it doesn’t result in any critical situation.
It provides protection against claims of Adverse Possession.
It prevents fraud which can occur from copying or withholding title deeds or a person seeking to claim that they own another person’s property.
It accelerates the property registration process. Middlemen/agents which are involved in property registration process hold information that user could not access or might not have license required to operate in a property transaction system. The invention application offer user a distributed database where any person can record and access information without an involvement of any centralized authority. Creating a digital title with blockchain property registration can improve and make the process fast.
It provides authenticity. Property owners can transfer the ownership legitimately to the buyer without need of third-party verification.
It reduces fraud cases related to property of ownership. With an advanced technology imposter can forge the documents and fake the title ownership with the editing software. But due to the invention application, it allows user to upload the title documentation to the blockchain network where signers can sign the document and other users can verify it when needed. Keeping an immutable record of transactions, blockchain can prove that user is the owner of the property title and prevent from forgery of documents. Thus, invention application could serve as proof of ownership, existence, exchange and transaction.
It brings transparency with smart contracts. Blockchain’s smart contracts can make the process simpler by automating verified transactions. With this invention, user can create a digital, decentralized Id as a seller and buyer. Due to this ownership transfer seamless and quicker than the traditional method. As soon as the registrar confirms the transfer of property title, smart contracts trigger to update ownership for a new buyer and transaction corresponding to it gets stored on the blockchain. This helps in tracing the back history of ownership records.
The present invention can be better understood with the help of examples.
Example 1:
According to the present invention, user A open the property registration application on smart phone. User A create self-profile on invention application with details like legal name, government-issued id proof, and designation. User A register to property registration application via smart phone. The backend server verifies the documents submitted by user A. If user A not submitted right document, them it will show message that verification is not done and update right document.
Example 2:
According to the present invention, user B open the property registration application on smart phone. User B create self-profile on invention application with details like legal name, government-issued id proof, and designation. User B register to property registration application via smart phone. The backend server verifies the documents submitted by user B. If user B submitted right documents, blockchain executes smart contracts specific to requested action. The new registration data of user B is stored in database cryptographically format. The database is saved on backend server. The property registration certificate is issued to User B. The information of property registration certificate of User B can be seen to anyone who request for it.
It should be kept in mind that the described embodiment(s) is only presented by way of example and should not be construed as limiting the inventive concept to any particular hardware and software configuration.
The present invention is not limited to components, which is mentioned in the description. Based on the same concept, property registration system can be built. Those who are familiar in the art will understand that a number of variations may be made in the disclosed embodiments, all without departing from the scope of the invention, which is defined solely by the appended claims.