Decentralised Real Estate Marketplce

Motivation for the project

The real estate industry is amongst the top industries in terms of money influx.

As beneficial as it is, these benefits come at a cost; a lot of real estate agents are involved in frauds and scams. These scams affect a lot of buyers, who lose their hard-earned money which makes this market extremely risky to step in.

Problems with current (paper/hard copy) contracts:

1. Paper contracts are held securely by third-party companies during a mortgage or after the completion of one because these “paper deeds” define the ownership; which if lost, the property is no longer yours.
2. Paper contracts can be manipulated and forged which allows fraudsters to sell a piece of land/property to multiple parties.
3. These contracts often degrade over time resulting in loss of information which ultimately results in losing ownership rights.

Our Application

1. Stores property details securely with all of the information encrypted. This eliminates the need for security from third parties.
2. Encryption prevents the manipulation of data. Since blockchain technology keeps an impermeable record of the information it can never be manipulated and keeps them as it was originally intended.
3. Solves the problem of degradation of paper contracts which means loss of ownership. It can keep records of your property secure all the time.
4. Another benefit of it is that there is no loss of any deed which happens quite often in the real world as people lose information which sometimes is passed through generations.
5. Also helps with renting property.

Prerequisites

1. Ganche
2. Truffle Framework
3. Metamask

How to set-up the project?

1. clone this repo
2. run npm install
3. run truffle migrate
4. Start a development blockchain using Ganache
5. connect metamask to the correct RPC port number, you can get this info from Ganache
6. run npm start
7. If the set-up works correctly metamask should pop-up when to start the App on your localhost.