Blockchain is changing the way businesses conduct transactions. This secure, distributed, and open technology is lowering costs, speeding up processes, and building a new level of trust in secure interactions.
We at INDESES are innovating in the field of blockchain technology and we help business build a POC (proof of concept) or full distributed blockchain-based application (Dapps – Decentralized Application) for web or mobile based on the defined use case.
Please find below the details of 2 use cases of blockchain solutions that we have worked upon and can implement for any industry.
1. Land Registry
The real estate sector is one area of application where a host of countries and actors have understood the opportunities with blockchain technology. Estonia, Georgia, Ghana and Honduras are examples of countries that have begun to work with this technology or who are now studying the opportunities with the technology.
The Blockchain technology creates the opportunity for people to prove ownership of land, even if government officials do try to revise old agreements and contracts.
Our Solution utilizes a distributed ledger on the back-end and a straightforward web-app front end, which provides “radically transparent access to data.
Different part of the solution are described below:–
The user interfaces are designed for different users. There are three main categories of user interfaces.
End-users – typically the buyer and seller of real estate. These users are expected to use their mobile and a dedicated app for the solution. The real-estate agent can assist them in setting this up. These users will see the state of the contract and when they are in turn to take action. They will also be able to store the details of the contract as they see fit.
Professional users – typically banks, agents. These users will be able to see the contract in a professional interface, and the application will ideally be integrated with their own systems and processes. These users will act as professionals and employees of an organization and in most cases represent the organization and not themselves. Their user interface will be adapted to their needs.
Contract administrators – These users will administer the contract for the other users. The setup of the contract can be revised and changed quite easily at this point in time. In a launched solution the software/application edition in use has to be fixed and changes overseen by all partners running the blockchain.
The data that will be stored on the blockchain is primarily the content of the contracts, the data required for consensus among the participants, and other information like the closing price, the day of actual transfer of the property, and the public keys of the participants. It is possible that eventually the full purchasing contract and bill of sale will be stored in the blockchain as well.
The end result is a secure process for real estate transactions and mortgage deeds with the following characteristics:
- All involved actors will have a digital file representing the agreement of ownership of the real estate, mortgage deeds and the transaction process. These files can be stored in the cloud, locally, or some other method of the actor’s choosing.
- The authenticity of the process, the signatures, the file confirming ownership, mortgage deeds etc. will be secured with a blockchain. The Government will store the blockchain with the proofs, but the blockchain will also be stored and validated by other actors. It will therefore be easy for authorized third parties to verify information. These third parties would usually be actors who are part of the process: banks, buyers, sellers, real estate agents etc.
- The records and files that should be public according to law will be public and those which should be confidential will stay confidential.
The current process is designed to involve government, real estate agents, buyers, sellers, and banks. These are the parties involved in most real estate transactions. The process can be redesigned to involve other actors such as notaries, insurance companies and local public authorities as per requirement.
Currency Exchange and Remittance
When it comes to remittance, also known as the process of sending a certain amount of money as payment. Blockchain is an important technology set to completely improve the remittance system and potentially replace what has been a cumbersome bank settlement system.
Our Blockchain Certified Professionals at Indeses are currently involved in consulting and project development of an upcoming crypto exchange app which facilitates transfers and trade of crypto currencies like Bitcoin, Ethereum, Litecoin and Ripple with INR.
The app offers some major functions like:
- User wallet creation
- Buy and Sell trading
- Micro Trading
- Automatic trading on lead matching
- Credit and Debit ledger maintenance
- Deposits & Withdrawals
- Send coin to other address
- Sharing of receive address QR code and getting receive confirmation
- Complete web portal for admin for processing fee management, hot and cold wallet transfers, withdrawals and configuration of different parameters.
The mobile app is developed for both android and ios in hybrid technologies (angular js, ionic 2.0, cordova) and the backend is developed in java springs, maven and hibernate.