High-performance blockchain system applied to 'Direct - Real estate transaction

High-performance blockchain system appiled to 

'Direct - Real estate transactions'

Overview 

"Filtering false real estate properties"

"Securing transparency and reliability for the sale history"

"Activation of direct transactions without real estate intermediaries"

The following example is an example of the establishment of a blockchain-based trust guarantee system for the Medium and real estate direct trading platform "PeterPanz "

that has been in progress since January 2021 for safe real estate direct transactions.

Possibility Comes True, Medium

Background

- The real estate direct transaction platform is being activated due to the burden of brokerage fees, but damage cases are also increasing

- The inconvenience of users is increasing due to the "bait sale" that deceives the parties involved in the transaction. And It is also being used for crimes using loopholes in real estate direct transaction sites, such as losing down payment because the information of the parties to the transaction is not clearly written.

- Eventually, users who lack trust in direct real estate transactions may experience side effects of conducting real estate transactions through brokers registered on the direct transaction platform.

- Therefore, No. 1 real estate direct transaction platform in South Korea, 'PeterPanz' decided to adopt a blockchain to their platforms to secure the reliability and transparency of the property information, and started a business with MEDIUM which has high-performance blockchain technology.

Challenge

1. Risk management by exclusion of intermediaries in direct transactions

- Securing the integrity of real estate information according to the increase in trading properties

- Fundamental solution to the problem of false sales: Forgery and alteration of the transaction history data of the property and users, etc.

2. Application of high-performance blockchain core technology that enables stable service provision to direct transaction platform users

- Calculate concurrent users according to the number of users, and implement the minimum level of performance (TPS) accordingly

- Securing a stable response speed and enhancing service according to the increase of users

3. Securing scalability in preparation for internationalization of the real estate market

- Intact history management and immediate data call for real estate to ensure the safety and immediateness of overseas real estate investment without borders

Solution

1. Adoption of blockchain technology to revitalize real estate direct transaction platforms

- PeterPanz applies Medium blockchain platform, MDL to real estate direct transaction platform

>> * Development and Application of Trust Guarantee System – Price Bidding and Negotiation System

* Trust Guarantee System - A system to increase the reliability of blockchain sales uploaded by the lessee on the 'smart direct transaction' platform

>> Managing the lessee's confidence score through 'number of modifications to blockchain sales data of the lessee' and 'reporting false sales of the lessee'

2. Performance implementation for stable service provision

* Performance Objective-Data registration confirmation time less than 10 seconds, data inquiry delay time less than 1 second, transaction throughput 500tps

3. Expanding services to revitalize international transactions

-In order to ensure the safety of purchase of overseas real estate, it is possible to manage the integrity of each real estate and view the data immediately according to whether or not the authority has been approved.

Benefit

1. Securing trust between the parties to mutual transactions of the property information processed by the blockchain

2. Normalize the profit distribution structure between the parties to the transaction by reducing the asymmetry of price information

3. Establish a reasonable fee structure through direct real estate transactions

(Medium Distributed Ledger)

Hyperledger Fabric based high-performance blockchain platform 'MDL'

1. While boasting perfect compatibility with fabric, it stably provides 15,000 TPS-class processing speed.

2. The usability is maximized through the 'MDL Manager' that allows users to easily install and monitor and manage the blockchain.

Product and Technical Inquiries : biz@themedium.io