A Blockchain-Based System for Due Diligence

[GENERAL] Name and surname of main applicant

Anna-Maria Yanush

[GENERAL] Email address of main applicant

amjanush@gmail.com

Additional applicants

Teodor Dermendjiev

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

12

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

The private documents associated with the project, such as sensitive legal or personal documents, will not be open source. This is necessary to maintain confidentiality and protect the privacy of individuals involved in real estate transactions. The open-source aspect of the project will primarily focus on the technology and algorithms used for verification and transparency.

[METADATA] Category of proposal

Identity Solutions

[IMPACT] Please describe your proposed solution.

Our proposed solution aims to address the problem of fraudulent activities and lack of transparency in the real estate industry by implementing a decentralized system for secure storage and verification of property documents using the Cardano Blockchain.

The problem we are solving is the prevalence of real estate fraud, where fake documents and double sales create significant financial losses and legal disputes. The lack of transparency in transactions and the reliance on centralized record-keeping systems contribute to these issues. We believe that by leveraging blockchain technology, we can introduce a more transparent and secure process for verifying property ownership and transactions.

Our approach is unique because we are utilizing the decentralized nature of the Cardano Blockchain to create an immutable and tamper-proof registry for property documents. By storing documents on the blockchain, we ensure their authenticity and eliminate the risk of manipulation or forgery. Additionally, the use of encryption techniques enhances data privacy while still enabling authorized parties to access and verify the documents.

Our project will engage various stakeholders in the real estate industry, including property owners, buyers, sellers, real estate agents, and government entities responsible for property registration. By providing a secure and transparent platform, we aim to streamline the verification process, reduce fraud, and foster trust among all participants.

This solution is important to Cardano because it aligns with its core principles of decentralization, security, and transparency. By leveraging the Cardano Blockchain, we can showcase the capabilities and potential of the platform in real-world applications beyond cryptocurrencies. Additionally, the transparency and security provided by our solution will attract more users and contribute to the overall growth and adoption of Cardano.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

Our proposed solution directly addresses the challenge of fraudulent activities and lack of transparency in the real estate industry. By implementing a decentralized system for secure storage and verification of property documents using the Cardano Blockchain, we aim to bring several benefits to the Cardano ecosystem.

Firstly, our solution enhances the reputation and credibility of Cardano as a reliable and secure blockchain platform. By showcasing the real-world application of Cardano in solving critical issues, such as real estate fraud, we attract more users and stakeholders to the ecosystem.

Secondly, our solution contributes to the growth and adoption of Cardano by creating a tangible use case for the platform beyond cryptocurrencies. The ability to securely store and verify property documents on the blockchain demonstrates the broader potential of Cardano in revolutionizing various industries.

Thirdly, our solution fosters trust and confidence among participants in the real estate industry. By providing a transparent and tamper-proof registry, we reduce the risks associated with property transactions, leading to increased participation and smoother operations within the ecosystem.

Quantifying the impact of our project, we aim to attract a significant number of real estate stakeholders, including property owners, buyers, sellers, and government entities, to utilize our decentralized system. Within a reasonable timeframe, we anticipate processing a substantial volume of property document verifications, contributing to the growth of transactions and usage on the Cardano network.

Overall, our solution brings value to the Cardano ecosystem by solving a key problem in the real estate industry, attracting users and stakeholders, showcasing the capabilities of Cardano, and driving the adoption of blockchain technology in a critical sector.

[IMPACT] How do you intend to measure the success of your project?

To measure the success of our project, we will employ a combination of quantitative and qualitative metrics:

1. Adoption and Usage: We will track the number of users and entities actively utilizing our decentralized system for document verification on the Cardano Blockchain. Increased adoption and usage indicate the project's benefits and value to the Cardano ecosystem.
2. Feedback and Satisfaction: We will collect user feedback and assess their satisfaction with our solution. This qualitative measure will provide insights into the usability, effectiveness, and overall user experience, helping us refine and improve the system.
3. Reduction in Fraudulent Activities: We will monitor the incidence of real estate fraud cases within the Cardano ecosystem before and after the implementation of our solution. A decrease in fraudulent activities demonstrates the positive impact and effectiveness of our project in enhancing security and transparency.
4. Growth of the Ecosystem: We will assess the project's contribution to the growth and expansion of the Cardano ecosystem by analyzing indicators such as the increase in active users, the number of transactions, and the engagement of new stakeholders in the real estate industry.

In the short term, our innovation will enhance Cardano's productivity by providing a secure and transparent platform for real estate transactions. This will attract new users and increase the overall usage of the blockchain, leading to increased productivity within the ecosystem.

In the long term, our project's benefits will be twofold. Firstly, the increased trust and security in real estate transactions will attract more industries and stakeholders to explore and adopt Cardano. This expansion will result in the growth of the ecosystem and its overall productivity. Secondly, our project will serve as a practical use case that demonstrates the scalability, efficiency, and real-world application of Cardano beyond cryptocurrencies. This will position Cardano as a reliable and innovative blockchain platform, attracting more users, developers, and businesses to join and contribute to its growth.

Overall, our success metrics include adoption and usage rates, user feedback and satisfaction, reduction in fraudulent activities, and the growth of the Cardano ecosystem. These measures provide a comprehensive evaluation of the project's benefits and impact, both quantitatively and qualitatively, ensuring a realistic assessment of its success.

[IMPACT] Please describe your plans to share the outputs and results of your project?

We have a comprehensive plan to share the outputs and results of our project to maximize their impact and create opportunities for further development. Here are our plans:

1. Documentation and Reports: We will create detailed documentation and reports that outline the technical aspects, implementation process, and outcomes of our project. These documents will be made publicly available on our project website and relevant platforms.
2. Knowledge Sharing Events: We will organize workshops, webinars, and presentations to share our project's outputs and impact with stakeholders in the Cardano ecosystem and the real estate industry. These events will provide opportunities for participants to learn about our solution, ask questions, and engage in discussions.
3. Community Engagement: We will actively participate in Cardano community channels, forums, and social media platforms to share updates, insights, and success stories related to our project. This will foster a sense of community involvement and encourage others to explore the possibilities of leveraging blockchain technology in their respective fields.
4. Collaboration with Research Institutions: We aim to collaborate with research institutions and academia to share our project's results and contribute to further research and development activities. By sharing our findings, methodologies, and lessons learned, we can advance the understanding and application of blockchain technology in real estate and other domains.
5. Open-source Contribution: We will contribute relevant components of our project to the open-source community, enabling others to build upon our work and leverage it for their own projects. This will facilitate innovation and foster a collaborative ecosystem.
6. Partnerships and Integration: We will seek partnerships with organizations, businesses, and government entities involved in the real estate industry to integrate our solution and expand its reach. By collaborating with key stakeholders, we can enhance the adoption and impact of our project.

The results generated from our project will be used as a foundation for further research and development activities. We will analyze the outcomes, identify areas for improvement, and explore new possibilities for enhancing the security, scalability, and usability of decentralized systems for real estate. The insights gained from this project will inform future projects, research papers, and collaborations aimed at advancing blockchain technology and its applications in various industries.

Overall, our plans focus on disseminating the outputs and impact of our project through documentation, knowledge sharing events, community engagement, collaboration with research institutions, open-source contribution, and partnerships. By sharing our results and creating opportunities for further development, we aim to contribute to the broader adoption and utilization of blockchain technology in real estate and beyond.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

Our team possesses the necessary capabilities to deliver this project with high levels of trust and accountability. Here are the reasons why we believe we are best suited to deliver this project:

1. Expertise: Our team consists of experienced professionals with a strong background in blockchain technology, real estate, and project management. We have a deep understanding of the technical aspects of blockchain implementation, as well as the specific challenges and requirements of the real estate industry. This expertise enables us to design and implement a robust and effective solution.
2. Track Record: We have successfully completed similar projects in the past, showcasing our ability to deliver on time and within budget. Our track record demonstrates our commitment to quality, professionalism, and meeting project objectives. We have received positive feedback and recognition for our previous work, which further establishes our credibility.
3. Transparent Processes: We follow transparent processes and practices to ensure accountability in managing funds and project resources. This includes establishing clear financial management procedures, maintaining detailed records of expenditures, and adhering to budgetary constraints. We prioritize effective communication and reporting to keep stakeholders informed about the financial aspects of the project.
4. Partnerships: We have established partnerships with reputable organizations and experts in the blockchain and real estate domains. These partnerships provide additional credibility and resources, enhancing our ability to deliver the project effectively. We leverage these partnerships to access industry insights, validate our approach, and receive guidance from trusted advisors.
5. Governance Framework: We have a robust governance framework in place to ensure proper management of funds and resources. This includes establishing a dedicated governance body responsible for overseeing the project's financial aspects, monitoring progress, and ensuring compliance with relevant regulations and guidelines. Regular audits and reporting mechanisms are implemented to provide transparency and accountability.
6. Stakeholder Engagement: We prioritize stakeholder engagement and actively seek feedback and input from relevant parties. This helps us align our project objectives with the needs and expectations of the Cardano ecosystem and the real estate industry. By involving stakeholders in decision-making processes and seeking their perspectives, we ensure a collaborative and inclusive approach.

Overall, our existing capabilities, including expertise, track record, transparent processes, partnerships, governance framework, and stakeholder engagement, demonstrate our ability to deliver this project with high levels of trust and accountability. We are committed to managing funds properly and ensuring that the project's financial aspects are handled in a responsible and transparent manner.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

The main goals for our project are as follows:

1. Implement a decentralized system: Our goal is to successfully develop and implement a decentralized system for secure storage and verification of property documents using the Cardano Blockchain. We will measure the achievement of this goal by ensuring that the system is fully functional, secure, and accessible to authorized parties.
2. Ensure transparency and trust: We aim to enhance transparency and trust in real estate transactions by providing a transparent and tamper-proof registry for property documents. We will validate this goal by conducting audits and security assessments to confirm the integrity and reliability of the system.
3. Reduce fraudulent activities: Our objective is to mitigate fraudulent activities in the real estate industry by enabling efficient verification of property ownership and eliminating the risk of document manipulation or forgery. We will measure the success of this goal by monitoring the reduction in fraudulent transactions and legal disputes related to property ownership.
4. Improve efficiency and cost-effectiveness: We strive to improve the efficiency and cost-effectiveness of property transactions by streamlining the verification process and reducing administrative burdens. We will measure this goal by assessing the time and cost savings achieved by using our decentralized system compared to traditional methods.
5. Foster adoption of blockchain technology: Our aim is to promote the adoption of blockchain technology in the real estate industry by demonstrating its benefits and value. We will measure the success of this goal by tracking the number of participants who adopt our solution and their feedback on the advantages of using blockchain in real estate transactions.

While some goals can be quantified, such as the reduction in fraudulent transactions or the cost savings achieved, others are more qualitative, such as enhancing transparency and improving user experience. For qualitative goals, we will employ surveys, feedback mechanisms, and user interviews to gather subjective insights and opinions on the perceived improvements in transparency, trust, and user experience. Additionally, we will monitor user adoption rates, engagement levels, and feedback to gauge the acceptance and satisfaction with our solution.

Overall, our goals will be validated through a combination of objective measurements, such as quantifiable metrics, and subjective assessments gathered through user feedback and engagement.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

Milestone 1: Project Initiation and Planning (1 month)

Define project objectives and scope

Form project team and assign roles and responsibilities

Conduct initial research and analysis

Develop project plan and timeline

Milestone 2: System Design and Architecture (2-3 months)

Define the system requirements and specifications

Design the architecture of the decentralized system

Determine the data structures and smart contracts needed

Plan the integration with the Cardano Blockchain

Milestone 3: Development of Core Functionality (3-6 months)

Implement the core features of the decentralized system

Develop smart contracts for document verification and storage

Build user interfaces for accessing and interacting with the system

Conduct rigorous testing and debugging

Milestone 4: Integration with Cardano Blockchain (6-7 months)

Integrate the developed system with the Cardano Blockchain

Ensure compatibility and interoperability with Cardano's protocols

Test the integration and address any compatibility issues

Milestone 5: Security and Privacy Enhancements (7-8 months)

Implement additional security measures to protect sensitive data

Integrate encryption and authentication mechanisms

Conduct security audits and penetration testing

Address any identified vulnerabilities or weaknesses

Enhance user privacy features

Milestone 6: Performance Optimization and Scalability (8-9 months)

Identify performance bottlenecks and optimize system efficiency

Conduct load testing to ensure scalability

Fine-tune smart contracts and data storage mechanisms

Implement caching and optimization techniques

Improve system response times and overall performance

Milestone 7: User Testing and Feedback (9-10 months)

Conduct user testing sessions to gather feedback on usability

Incorporate user feedback and make necessary improvements

Conduct user acceptance testing

Refine user interfaces based on user experience evaluations

Ensure a user-friendly and intuitive system

Milestone 8: Deployment and Rollout (10-11 months)

Prepare for the deployment of the decentralized system

Set up necessary infrastructure and environments

Develop deployment strategies and contingency plans

Perform system-wide testing and debugging

Gradually roll out the system to users and stakeholders

Milestone 9: Post-Deployment Evaluation and Maintenance (11-12 months)

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

Milestone 1: Project Initiation and Planning

Deliverables: Project plan, including a detailed timeline, resource allocation, and risk management strategy.

Outputs: A well-defined project plan that outlines the tasks, responsibilities, and timelines for the project.

Intended outcomes: Clear project objectives and a comprehensive plan to guide the project's execution.

Measurement: Completion of the project plan and stakeholder approval.

Milestone 2: System Requirements Analysis

Deliverables: System requirements document, including functional and non-functional requirements, user stories, and use cases.

Outputs: A detailed understanding of the system requirements and a clear specification of the desired functionalities.

Intended outcomes: Clearly defined system requirements that will serve as the foundation for the system development.

Measurement: Completion and approval of the system requirements document.

Milestone 3: System Design and Architecture

Deliverables: System architecture design, database schema, and system flow diagrams.

Outputs: A comprehensive system design that outlines the structure, components, and interfaces of the system.

Intended outcomes: A solid architectural foundation for the development of the system.

Measurement: Completion and approval of the system design documentation.

Milestone 4: System Development and Testing

Deliverables: Developed software modules, unit tests, and test cases.

Outputs: Functional software modules that implement the desired system functionalities and pass the defined test cases.

Intended outcomes: The core features of the system are implemented and validated through testing.

Measurement: Completion of development tasks, successful execution of unit tests, and passing of test cases.

Milestone 5: System Integration and Deployment

Deliverables: Integrated system, deployment scripts, and installation guides.

Outputs: A fully integrated system that combines all the developed modules and can be deployed in the desired environment.

Intended outcomes: The system is ready for deployment and use in a production environment.

Measurement: Successful integration of system components and successful deployment in the target environment.

Milestone 6: User Acceptance Testing and Quality Assurance

Deliverables: User acceptance test cases, test reports, and bug fixes.

Outputs: User acceptance testing results, bug-free software, and updated documentation.

Intended outcomes: The system meets the users' requirements, is free of major bugs, and is ready for user adoption.

Measurement: Completion of user acceptance testing, resolution of reported bugs, and validation of user satisfaction.

Milestone 7: System Launch and Post-Launch Support

Deliverables: Deployed and operational system, user training materials, and support documentation.

Outputs: A live and functional system available to users, training materials to facilitate user onboarding, and support documentation to address user inquiries.

Intended outcomes: The system is successfully launched, users are trained to use it effectively, and ongoing support is provided.

Measurement: Successful system deployment, user feedback and satisfaction surveys, and timely resolution of user support requests.

To track the project's progress, the following measures can be used:

Completion and approval of milestone deliverables by relevant stakeholders.

Adherence to the project timeline and achievement of milestones within the defined timeframe.

User feedback and satisfaction surveys to assess the system's usability and user experience.

Regular project status updates and progress reports to track task completion and identify any deviations from the plan.

Bug tracking and resolution to ensure the system is free of major defects.

User adoption and engagement metrics, such as the number of active users and system usage statistics.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Project Initiation and Planning:

• Project management: $5,000
• Stakeholder meetings and workshops: $2,000
• Documentation and reporting: $1,000

System Requirements Analysis:

• Consultation with domain experts: $3,000
• Documentation and specification: $2,000

System Design and Architecture:

• System architecture design: $5,000
• Database design: $2,000

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Scope and Complexity: The costs should be proportional to the scope and complexity of the project. If the project involves extensive research, development, and integration efforts, it is expected that the costs will be higher compared to smaller-scale projects.

Market Rates and Industry Standards: The costs can be justified by comparing them to market rates and industry standards. This includes considering the average wages or typical freelance rates in the relevant field. If the proposed costs are within a reasonable range compared to similar projects, it indicates that they are in line with industry norms.

Resource Allocation: The cost breakdown should reflect the allocation of resources to different aspects of the project. This includes the team's time and effort, third-party products or services, project management, documentation, and community engagement. By appropriately allocating resources and budget, the project demonstrates a comprehensive approach and ensures that all necessary components are adequately addressed.

Value and Impact: The value for money is ultimately determined by the impact the project can have on the Cardano ecosystem. Consider the potential benefits and outcomes of the project, such as increased adoption, improved functionality, enhanced security, or streamlined processes. If the costs are justified by the potential value and impact, it demonstrates that the project represents a good investment for the Cardano ecosystem.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept