Trust you guys are having a great day, I am here today to make submission of my Post below which professor @imagen gave us as an assignment

BOBBY REAL ESTATE PROJECT (BREP)

WHITE PAPER:

Characteristics of Blockchain:

The blockchain is an immutable list of data. It is composed of a series of "blocks" (that is, storage units, which record all the communication information of each block node within a certain period of time), which are linked together in the order of creation. Each "block" can be identified by its individual hash. At the same time, the blockchain is immutable due to the unique hash associated with each "block". If any information in the created "block" is changed, the hash will also change.

Therefore, the blockchain has the characteristics of unforgeable, all traces, traceable, open and transparent, and collective maintenance. Based on these characteristics, blockchain technology has laid a kind of solid foundation of trustworthiness, created a reliable cooperation mechanism, and has broad application prospects.

Application of BREP transactions:

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Smart contracts: simplifying the intermediate links in real estate buying and selling and reducing costs.

Buying and selling second-hand houses or renting houses requires complicated procedures, various hidden clauses, countless signed documents, etc. If you want to buy real estate overseas, the situation will be even worse.

Although housing intermediary companies can help simplify the corresponding process, in addition to the high intermediary fees, new troubles such as malicious price hikes and identity information leakage by intermediaries have followed one after another.

BREP will make it possible for all parties to sign smart contracts and solve the above problems.

By recording the content of the smart contract on the blockchain, any clauses in the contract can be automatically executed 7*24 hours. In theory, a smart contract can eliminate intermediaries such as banks and lawyers, making any real estate transactions One party can save a lot of time and cost, thereby speeding up the transaction process, and no matter what terms are agreed before the smart contract is signed, it will mean that the contract will be executed in the future without fraud, manipulation or unauthorized authorization The risk of modification.

For example, in the process of property disposal, buyers and sellers do not need to gain mutual trust in advance.Blockchain provides transparency of ownership and ownership transfer. Since the blockchain is tamper-proof, the execution of smart contracts on the chain is more fair and transparent, which can provide security for both parties signing the contract and avoid scams and disagreement to a greater extent.

Natural tamper-proof: to ensure the authenticity and reliability of due diligence data;

Because the blockchain is essentially a list of data, the blockchain can be used to maintain the ownership list of any type of asset (including property assets). Since the BREP will be inherently non-tamperable, no one will be able to modify the record to forge historical ownership, so the data is credible.

This can make it easier to ascertain the ownership of real estate for sale and its corresponding ownership history during the due diligence process. Human error is eliminated, and the ownership registration data is instantaneous.

Similarly, since blockchain is essentially a ledger that will contain data and asset ownership. BREP will contain various data about the company, such as historical tax returns, information about capital improvements, and loan and share ownership.

This accurate information maintained by the Bobby real estate projectc will facilitate a quick and effective due diligence process in corporate acquisitions.

All information will be stored in the same place, easy to access, and trustworthy, because as long as you cannot control more than 51% of all data nodes, you cannot control and modify network data arbitrarily. This will make the system itself relatively safe.

Information openness: to ensure a high degree of information transparency and simplify cash flow management

In the Bobby real estate project system, landlords, tenants, housing intermediaries, and various suppliers all will have a large number of payment and service transactions, which wi be needed to be executed, tracked and saved on a regularly.

For example, rent payments will be transparent to real estate owners, auditors, banks, regulators and appraisers.

Since the blockchain technology is an open source, and the data is open to everyone (except that the private information of the parties in the transaction is encrypted), therefore in BREP, Anyone can query the blockchain data and develop related applications through the public interface, so the entire system has a high level of information.

Transparency and the use of blockchain technology will not only simplify the management of cash as much as possible, reduce management costs, but also will greatly reduce the risks that may exist in management.

Challenges with blockchain + real estate:
As the current real estate data as a whole suffers from the shortcomings of insufficient accessibility and fragmentation, incompleteness or incorrectness of the data, the centralized blockchain MLS system may become a breakthrough in the field of blockchain technology in the field of real estate technology.

The goal is to make real estate Data be distributed in a peer-to-peer network, decentralize the data and use the platform to provide secured data exchange for all professionals in real estate parties.
This is the fundamental reason why many real estate developers are eager to block chains.

The integration of real estate with the decentralized characteristics of the blockchain can make real estate transactions easier, more efficient, and cost-saving, and solve the problems of the industry in one fell swoop.

However, as one of the most popular emerging technologies, the practicability, reliability and security of the technology itself will inevitably be accompanied by doubts. The effectiveness of emerging technologies remains to be tested by time.