For a long time Real Estate has been done the old fashioned way. This involves multiple middle-men, like in America, where a Seller Agent and a Buyer Agent has to come together. They charge a percentage for their services. There are many other parties and paperwork involved. There are also problems with bad actors in this complicated mix, who result in mistrust in the system and prevents a lot of people from freely interacting in this marketplace. It is also really hard to find the right agent and the right property and there is a lot of time and dependency introduced as a result. Seeing tens of properties can also be exhausting.
What it does
Houzat solves all the above problems by creating a Decentralized Marketplace based on Blockchain technology, uses Big Data that is ingested into a Machine Learning System and a Recommendation Engine with Artificial Intelligence built into it. It provides a trusted permissioned blockchain environment where unknown parties can trade property. This system understands the needs of the Buyer and matches them to the exact property automatically that has been listed by a trusted and verified Seller on the blockchain. When a match occurs, the counter parties can trade without fear, a smart contract is triggered that goes out to all parties involved like contracts, title, deed, insurance and other paperwork is attached to the blockchain. This enables quick, safe and almost immediate transfer of funds and property without location bounds. Each trade is updated in the machine learning and that makes the system better at matching buyers and sellers.
The most innovative part of this system is the introduction of Token Curated Registries for Buyers and Sellers, which are maintained by existing Real Estate Agents and others who stake CryptoCurrency Tokens to be Included in these curated lists and thus brings Top-Dollar Customers and thus commissions to all Curators. These registries are based on game theory and all users of Houzat need to buy and stake tokens to Apply, Vote or Challenge possible bad actors. The idea is to maintain a very high quality list of trusted buyers and sellers by the community and real estate agents use their existing contacts and intelligence and thus earn token based commissions. This will revolutionize the way Real Estate works in the world forever.
How I built it
I am an Application Architect at BAML and have previously worked on Fixed Income Securities, specially Mortgage Backed Securities and Whole Loans at companies like Freddie Mac, Intercontinental Exchange and Bank Of America. I also have extensive experience building enterprise level Blockchain Systems with Big Data, Artificial Intelligence and Machine Learning. I used IBM Hyperledger Fabric and Composer for the Permissioned Blockchain, IBM Watson Studio For Machine Learning and A.I. and Neo4J for the Recommendation Engine.
Challenges I ran into
The biggest challenge was to pick the problem to solve in an Industry which is lagging 40 years behind most Business Systems. Houzat is a one stop shop that collects intelligence and uses it to make lives easier for all People looking to buy/sell or invest in Real Estate. Another challenge was to get the right data. A lot of companies offer siloed up databases and the challenge was to overlap these data points and collect intelligence out of it that will be communicated to the ai agent.
Accomplishments that I'm proud of
Building the Recommendation engine that sits on top of curated data was very fun and satisfying. Using a TCR - Token Curated Registry which is still very new in the Blockchain world for Real Estate will propel this industry to the forefront of this Blockchain Revolution.
What I learned
Learning the challenges faced by a normal person just trying to sell a property or a first time buyer is eye opening. The work of a Real Estate agent to find the perfect match from a challenging list of wants and needs is also a learning experience. Houzat will work like a Smart Assistant to these Real Estate Agents and help them Delight their customers.
What's next for Houzat - Democratize Real Estate
Houzat is expanding it's reach with AR and VR experiences. Imagine being able to virtually tour a property and then when you want to physically visit a property, a QR code will be generated and sent to the user's app on the blockchain. This QR code will be used at the Smart Lock, to open a door and enable the visit without the need for an agent traveling and ensure security for Women Real Estate Agents.