Methodology
PropChain is built on a foundation of cutting-edge technologies and innovative approaches. Here's how we did it:
Core Technologies
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Blockchain Technology:
At the heart of PropChain is blockchain, a decentralized and distributed ledger technology. Blockchain ensures that all transactions are:
- Immutable: Once recorded, data cannot be altered or deleted, ensuring trust and security.
- Transparent: Every transaction is publicly visible and verifiable by all participants.
- Decentralized: No single entity controls the network, reducing the risk of fraud and manipulation.
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Smart Contracts:
Smart contracts are self-executing programs that run on the blockchain. They automatically enforce the terms of an agreement when predefined conditions are met. Here's how they work in PropChain:
- Automation: Smart contracts automate processes like escrow, title transfers, and payments.
- Transparency: The code of the smart contract is publicly visible on the blockchain.
- Security: Once deployed, the smart contract cannot be altered, eliminating the risk of tampering.
- Front-End Interface: Our user-friendly interface allows buyers and sellers to easily search for properties, initiate transactions, and track progress in real time.
- Property Verification: To ensure the accuracy of property listings, we implemented a verification system that uses geolocation data and EXIF tags from uploaded photos.
- ERC-20 Token System: Users earn ERC-20 tokens for verifying properties, creating a community-driven approach to maintaining accurate listings.
System Architecture Diagrams
The PropChain system architecture is designed to ensure secure, efficient, and transparent real estate transactions:
Figure 1: PropChain Title Search System Architecture
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Figure 2: Buyer Workflow
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Figure 3: Seller Workflow
Data Storage Structure
PropChain utilizes a sophisticated data storage structure across multiple smart contracts:
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Figure 4: Real Estate Token Contract
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Figure 5: Property Transfer Contract
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Figure 6: Escrow Contract
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Figure 7: Title Insurance Contract
Key Contract Structures
Property Contract
struct Property {
uint256 id;
address owner;
string location;
uint256 price;
bool forSale;
string metadataURI;
mapping(address => bool) verifiers;
uint256 verificationCount;
}
Title Registry Contract
struct Title {
uint256 propertyId;
address currentOwner;
address[] previousOwners;
uint256 lastTransferDate;
string legalDescription;
bool hasEncumbrances;
}
Transaction Contract
struct Transaction {
uint256 id;
uint256 propertyId;
address buyer;
address seller;
uint256 amount;
uint256 timestamp;
TransactionStatus status;
mapping(string => bool) conditions;
}
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