We went behind the essence of datatokens ,that is ownership/access of particular data. With the concept of datatoken we thought of creating tokens that provide us access/ownership to data of any real world asset.The next big thing was Real Estate therefore we tried to tokenize Real Estate here in our project.
In reality, commercial real estate holds a significant role in the overall world economy. According to MSCI, the global real estate market increased from $8.9 trillion in 2018 to $9.6 trillion in 2019. Although it seems like the industry is doing quite well, it actually consists of many frictions and liquidity issues.We are trying to solve them with datatoken as one of its leading solution
What it does
This is a decentralized app designed to create , transfer and authenticate your datatokens, which in this case is Real Estate DataTokens. We also have provided the user with the option to check the timestamp of a particular token in the time of any dispute.We are here trying to tokenize all the real estate document information so as to give right of ownership of property to the owner of the token.This requires special attention therefore we went ahead and made datatokens using ocean protocol.We can induce data economy by tokenizing different real world things/assets.Datatoken will then permit just one person to have ownership of the particular real world asset.
Advantages of such system -
- Easy auctioning of property - Easy and efficient verification of real estate - Buying and selling of property can be done with minimal paperwork - In the time of social isolation showing documents is difficult but having authentic token is easy - Due to app being decentralized ,it is not under any central authority which makes it great for the end user - Eradicating corruption norms and high broker fees , instead the dealing can be done with two parties all by themselves - Access to information and paperwork can be transferred with minimalistic cost
How we built it
We initially started with a react based application for voting and had added like a separate voting platform in the ocean market app but soon we realized it was useless, then we shifted to this idea of tokenizing real world assets.
Challenges we ran into
- Communication gap due to the holidays
- energy web foundation error about the did registry module
- late start of our project
Accomplishments that we are proud of
I was able of deduce the basic work of oceanjs and work with web3js to replicate the same.
What's next for Ghar
- Adding an auctioning system(smart contract or otherwise)
- Conversion of these datatokens to secret datatokens
- Searching of property
- Create dynamic cost/ocean fees depending on the particular pool and datatoken