Property buying and selling using blockchain technology

ABSTRACT: –

property is an important asset, and the use of blockchain technology can help improve the implementation of work in this sector as well as its characteristics significantly for a smooth and trouble-free work flow to achieve a reliable system. Property sales or property transactions can be carried out using the blockchain. By using blockchain, we can make our property sales transactions safer and faster. At the moment, we can develop a private blockchain for property transactions. Individuals or groups interested in conducting property transactions using the blockchain must join or register with the property transaction blockchain. A registered user can only buy or sell property through the blockchain. Blockchain smart contracts aid in the process of purchasing property. Once the buyer and seller have agreed on the terms (property details) and the buyer wants to proceed with the transaction, the property transaction can be done with the help of a smart contract. A smart contract is a computer programme that runs automatically when specified conditions are met. So when a transaction takes place between a buyer and a seller, the contract between them is generated by a smart contract. The smart contract generated in this way can be used as proof.

In our proposed system, there are three modules: seller, administrator, and buyer. This seller must create a username and password, as well as a unique PAN and property registry number. In that case, the seller adds some property for selling. Then the admin can view all of the sellers’ properties and the property document and check it manually. If the administrator is satisfied with the property document, the property property will be verified. Following verification, the property is added to the list of verified properties, and all buyers have access to all of those properties for buying. Then the buyer also signs up with a username and password. After successfully signing in, the buyer will be able to view all verified properties and, if necessary, purchase one. The seller is then notified of the payment, along with all the details of the property purchased, and the entire payment is received in the seller’s wallet. All sellers and buyers have access to view and edit their profiles, and the admin can view all sellers’ and buyers’ counts on the website.

SYSTEM:-

• property listing: property owners can list their properties for sale or rent on the platform the listing includes property details such as location size price and photos.
• Buyer/seller profiles: users can create a profile on the platform as a buyer or seller the profile includes personal details such as name contact information and payment preferences
• smart contracts :smart contracts are used to facilitate transactions between buyers and sellers these contracts are self-executing and enforceable and they automatically transfer ownership of the property to the buyer once the payment is received
• property verification: before a property can be listed on the platform it must be verified by the platform administrators the verification process includes checks on ownership property details and legal compliance
• payment gateway :the payment gateway is integrated with the platform and allows buyers to make payments for the property using cryptocurrency or traditional payment methods the payment is held in escrow until the smart contract conditions are met
• property transfer: once the smart contract conditions are met ownership of the property is transferred to the buyer the transfer is recorded on the blockchain and is irreversible.
• dispute resolution: in the case of a dispute between the buyer and seller a dispute resolution mechanism is in place the mechanism involves an independent third party who will review the evidence and make a decision based on the smart contract conditions and the evidence presented

 overall the system provides a secure transparent and efficient way for buyers and sellers to transact in the property market by leveraging the power of blockchain technology the system eliminates the need for intermediaries reduces transaction costs and provides a tamper-proof record of all transactions

PROPOSED SYSTEM:-

The blockchain application is designed to make the process of buying and selling real estate and registering it transparent and convenient. There are mainly two modules: Frontend We use HTML, CSS, and JavaScript to implement the frontend. The seller, the buyer, and the admin have access to three main pages. HTML, CSS, and JavaScript work together to create a website’s front-end design, using information that affects a website’s content, style, and interactivity. The back end is compliant with the Solidity contract. Solidity contracts can be implemented using the Truffle Framework. A powerful blockchain emulator, Ganache software, runs on port 8545 and provides 10 free addresses of 100 ETH each. A Chrome extension called Meta-Mask was used to display the string. Phase I: In this phase, a blockchain simulation is run on Ganache and displayed on Metamask. The contract is carried out in one of Ganache’s accounts or addresses. When we start GANACHE, it starts listening on port 8545. There are 10 addresses and private keys associated with them. A seed phrase is displayed: “H. a randomly generated key.” MetaMask is a browser extension that acts as a wallet interface, allowing users to view their account information. This account is linked to 10 addresses on GANACHE, so 10 different accounts with separate addresses. Ganache provides 100 ETH per account for transactions. When the seed phrase is entered into the appropriate field in MetaMask, it is associated with Ganache. This is followed by the creation and deployment of smart contracts. The Truffle compiler is used to compile smart contracts from the command line. The truffle compiler verifies correct syntax and prepares the contract for implementation. A minimal amount of ether is charged for implementation. The account selected for the MetaMask extension is the main account on port 8545, and the amount will be debited from there. Finally, the front end runs on port 5000 on localhost. This command runs the Flask code and sets it to port 5000 on localhost. To add a property for sale, the user must be a verified seller with a PAN card and property registration number. Consequently, the seller is an authorized administrator (a government employee). The property added by the seller is verified by the admin panel by checking the property documents. The admin can verify ownership after verifying the documents offline. This property is owned by the seller, and the seller can display the property on their home page. The seller has the opportunity to offer it for sale. When listed for sale, they can be searched for and purchased in the buyer module. On the other hand, the buyer can search for the desired property and make a purchase request. This request will appear in the seller’s account. When the buyer buys the property, the amount is paid in ether to the seller. The property is transferred to the new owner. Ganache will boot up and run on its default port, 8545. There are 10 addresses with 10 private keys and 100 ethers. The default passphrase, which is a dynamic key, is inserted by GANACHE into the MetaMask wallet login extension.

MODULES:-

• property listing module:this module allows property owners to list their properties for sale or rent on the platform it includes features such as property details entry image upload and verification processes the module should ensure that all information entered is complete and accurate
• buyer/seller profile module :this module enables users to create a profile on the platform as a buyer or seller the module should allow users to enter personal information such as name contact information and payment preferences it should also include security features to protect user privacy
• smart contract module: this module enables the creation and execution of smart contracts for property transactions it should include features such as contract templates contract deployment and contract execution the module should ensure that all contracts are tamper-proof and enforceable
• payment gateway module: this module enables buyers to make payments for properties using cryptocurrency or traditional payment methods it should integrate with a secure payment gateway to ensure that all transactions are processed securely and efficiently
• property transfer module: this module facilitates the transfer of property ownership from the seller to the buyer it should include features such as property ownership verification transfer of title and transfer of payment the module should ensure that all transfers are recorded on the blockchain and are irreversible
• dispute resolution module :this module provides a mechanism for resolving disputes between buyers and sellers it should include features such as dispute reporting independent arbitration and resolution enforcement the module should ensure that all disputes are resolved fairly and efficiently

overall these modules work together to provide a secure transparent and efficient platform for buying and selling properties using blockchain technology they ensure that all transactions are tamper-proof and enforceable and that all parties are protected throughout the process

APPLICATION:-

• property listings: the app displays all available properties for sale or rent sorted by location and price range. Each property listing contains a description, images, and price. Users can filter the listings based on their preferences.
• User profile: Users can create a profile on the app as a buyer or seller. The profile contains personal information such as name, contact information, and payment preferences. It also includes a wallet that holds the user’s cryptocurrency balance
• Smart contract execution: when a buyer decides to purchase a property, a smart contract is created and executed between the buyer and seller. The smart contract outlines the terms and conditions of the transaction, including the purchase price and payment schedule.
• payment gateway: The app is integrated with a secure payment gateway that enables buyers to make payments using cryptocurrency or traditional payment methods. The payment is held in escrow until the smart contract conditions are met.
• property transfer: once the smart contract conditions are met. Ownership of the property is transferred to the buyer; the transfer is recorded on the blockchain and is irreversible. The app ensures that all transactions are transparent and tamper-proof.
• dispute resolution: In the case of a dispute between the buyer and seller, a dispute resolution mechanism is in place. The mechanism involves an independent third party who will review the evidence and make a decision based on the smart contract conditions .

overall evidence presented. The app provides a secure, transparent, and efficient way for buyers and sellers to transact in the property market. By leveraging the power of blockchain technology, the app eliminates the need for intermediaries. reduces transaction costs and provides a tamper-proof record of all transactions

HARDWARE AND SOFTWARE REQUIREMENTS:-

HARDWARE:-

Processor: Intel Core i3 or more.

• RAM: 4GB or more.

• Hard disk: 250 GB or more.

SOFTWARE:-

• Operating System : Windows 10, 7, 8.
• Python
• anaconda
• Spyder, Jupyter notebook, Flask.
• Blockchain