Proof of Ownership-Land/Real Estate

Land plots are created using GPS coordinates for initial ownership, subsequent purchase/sales are made using ADA on a verifiable blockchain.

I'm a lawyer who partnered with the co-founder of a cloud computing company.

Overview:

The app will allow users to verify ownership of land for purpose of proving ownership, accessing credit and building wealth.

Project Scope:

The initial target market for the app is within the same population who would make use of Cardano's decentralized finance applications. The project would piggyback on the inroads IOHK is making in the developing world.

The app will be integrated with defi projects so that people who are recognized owners of land can use their land as collateral for micro loans. This would give them access to credit that they might not otherwise have. Users will also be able to rent their property in the native app.

Even further down the line, the app's capabilities will be expanded into something robust enough that it could be used in dense urban populations with multilevel apartment buildings. Then, the app will be integrated with or replace local governmental property record keeping systems. The benefits to the local governments would be (1) local governments would not be burdened by record keeping, (2) land disputes could be resolved quickly with clear title, (3) property owners would have a strong incentive to improve property in their jurisdiction, and (4) local government could quickly identify owners to levy property taxes. The taxation function could be integrated with defi apps and will be the strongest incentive for governments to recognize ownership and adopt the app.

App Capabilities:

Development Phase One++:++ The initial app will allow users in developing markets to (1) plot points manually using GPS, (2) draw a plot of land by hand using a mapping tool, (3) 'draw' their land by walking the boundaries using gps, or (4) plot land by using any other reputable methods. Users will be able to sell property, or obtain credit natively through a smart contract within the app.

Development Phase Two/Three: Integration with outside/third party decentralized finance apps and decentralized wallets.

Development Phase Two/Three: Governmental integration for the purpose of governmental backed ownership (where available) and taxation.

Timeline:

Development of the initial app (phase one) will take 2-3 months. Phase one will provide the user with all the tools needed to verify ownership, sell/purchase land, and rent land natively within the app. Integration with defi apps for on chain lending will rely on third parties so a timeline cannot be given with any certainty. Integration with defi apps is expected to occur within 12 months.

Cost:

Total cost of project: $25,000.00.