A computer-implemented system and method for real estate transaction management

Abstract

Embodiments of the present invention provide a system 100 for real estate transaction management. The system 100 comprises one or more user devices 104, a computer system 102 connected with the one or more user devices 104 through a server over a network. The one or more user devices 104 are associated with respective users, including sellers, brokers, buyers, and renters, wherein the one or more user devices 104 are linked to a communication network supporting one or more one or more ledgers on a storage device. The computer system 102 connected with the one or more user devices 104 through a server over the communication network includes a processor 1024 and a memory unit 1022. The memory unit 1022 is configured to store machine-readable instructions that, when executed by the processor 1024, cause the computer system 102.

Description

[0001] A COMPUTER-IMPLEMENTED SYSTEM AND METHOD FOR REAL ESTATE TRANSACTION MANAGEMENT FIELD OF THE INVENTION

[0002]

[0001] The present invention relates generally to the field of real estate management technologies and, more specifically, to a computer-implemented system and method for real estate transaction management.

[0003] BACKGROUND OF THE INVENTION

[0004]

[0002] The subject matter discussed in the background section should not be assumed to be prior art merely as a result of it being mentioned in the background section. Similarly, a problem mentioned in the background section or associated with the subject matter of the background section should not be assumed to have been previously recognized in the prior art. The subject matter in the background section merely represents different approaches, which in and of themselves may also correspond to implementations of the claimed technology.

[0005]

[0003] Traditional real estate transactions and property management processes often involve complex, paper-based documentation and manual processing. This may include the generation, signing, and exchange of various documents such as property listings, sale agreements, rental contracts, and maintenance records. The conventional approach to real estate management may suffer from several drawbacks: The real estate industry may face significant challenges due to its reliance on manual, paper-based processes. These include vulnerability to fraud and errors, lack of transparency, inefficient processing, compliance difficulties, and limited accessibility for smaller players. While recent digital advancements have attempted to address these issues, they still struggle with data security and fragmented processes. Blockchain technology offers promising solutions with its immutability and transparency, but existing blockchain-based systems in real estate have not yet fully integrated all aspects of property management into a comprehensive, user-friendly solution.

[0006]

[0004] Therefore, there is a need in the art to address these limitations by providing a comprehensive, blockchain-based solution tailored for the real estate sector. Such a solution should enhance the security, efficiency, and transparency of real estate transactions and property management while ensuring compliance with varied regulations and facilitating easier participation for all stakeholders in the global real estate market.SUMMARY OF THE INVENTION

[0007]

[0005] According to the first aspect of the present invention, there is provided a computer-implemented system for real estate transaction management. The system comprises one or more user devices, a computer system connected with the one or more user devices through a server over a network. The one or more user devices are associated with respective users, including sellers, brokers, buyers, and renters, wherein the one or more user devices are linked to a communication network supporting one or more one or more ledgers on a storage device. The computer system connected with the one or more user devices through a server over the communication network includes a processor and a memory unit. The memory unit is configured to store machine-readable instructions that, when executed by the processor, cause the computer system to: receive and authenticate one or more user details through one or more One-Time Passwords or OTPs, receive and authenticate one or more property details related to the one or more user details by the associated one or more local authorities and store the authenticated one or more user details and one or more property details on the one or more ledgers, execute and authenticate financial transactions, including cross-border transactions, using one or more verification codes, store transaction records immutably on the storage unit, generate smart contracts for real estate transactions and store the contracts on the memory unit, generate one or more advertisements for virtual property inspections and data visualization using the one or more property details on the storage unit, update the status related to the one or more property details and their availability in real-time on the one or more ledgers.

[0008]

[0006] This invention relates to a robust property management software designed to simplify and optimize real estate operations. The system facilitates seamless interactions among property owners, brokers, agents, tenants, and maintenance departments, ensuring efficient contract management, financial transactions, marketing, and property maintenance. Its creative and distinctive features are tailored to meet the diverse needs of all stakeholders. The system prioritizes security through advanced encryption and privacy protocols, safeguarding sensitive tenant and financial data. Compliance with industry standards enhances trust among stakeholders, ensuring a secure and reliable platform. The invention encompasses core components critical to real estate management:

[0009] • Owners: Oversee property operations.

[0010] • Brokers / Agents: Facilitate transactions between owners and buyers / renters while managing administrative tasks for commissions.

[0011] • Customers: Includes buyers, renters, and advertisers utilizing the platform.

[0012] • Real Estate Units: Individual properties managed under the system.• Contracts: Standardized templates for all legal and financial agreements.

[0013] • Maintenance Department: Ensures timely repairs and upkeep of properties.

[0014] • Marketing Department: Promotes listings to attract buyers and tenants.

[0015] • Electronic Wallets: Enable secure digital transactions.

[0016]

[0007] In accordance with an embodiment of the present invention, the processor is further configured to provide secure API access for one or more third-party developers to integrate e-wallets.

[0017]

[0008] In accordance with an embodiment of the present invention, the processor is further configured to assign and provide role -based access control (RBAC) for user permissions; and determine which functionalities are available to users based on their assigned roles, wherein the roles may be selected from owner, lessee, broker, or agent.

[0018]

[0009] In accordance with an embodiment of the present invention, the system further comprises a blockchain platform includes: a primary blockchain and one or more sidechains stored on a server to manage and secure data related to real estate transactions, user details, and property details and provide secure and controlled access to the data stored on the blockchain platform, allowing authenticated users and authorized third-party applications to interact with the data through the API of the system. The primary blockchain is configured to store core transaction data, including user authentication records, smart contracts, and financial transaction logs, ensuring that all data entries are immutable and timestamped. The one or more sidechains are linked to the primary blockchain, configured to store supplementary data such as 3D visualizations, property inspection reports, and maintenance records, allowing for efficient data management and scalability, ensure that any updates or changes to the supplementary data are reflected on the main one or more ledgers while maintaining the integrity and security of the data across the database.

[0019]

[0010] This invention redefines property management through an integrated approach that combines blockchain technology, artificial intelligence, and user-centric design. By addressing critical challenges and delivering innovative solutions, the system empowers stakeholders across the real estate spectrum to achieve greater transparency, efficiency, and scalability. Its comprehensive feature set positions it as a transformative tool for modem real estate operations.

[0020] [Oil] In accordance with an embodiment of the present invention, the smart contract for a real estate transaction between one or more buyers and one or more sellers is based on the terms and conditions agreed upon by both parties, including property details, payment terms, and the transfer of ownership, verify the smart contract by cross-referencing the authenticated details related to theone or more buyers and the one or more sellers stored on the one or more ledgers, ensuring that both parties have fulfilled any required prerequisites, such as property title verification and financial readiness, validate the smart contract by executing predefined conditions, such as the successful transfer of funds from the one or more buyers to the one or more sellers, and updating the property ownership records on the one or more ledgers once the transaction is complete, store the executed smart contract immutably on the blockchain platform, ensuring that the transaction details are securely recorded and accessible to authorized parties.

[0021]

[0012] In accordance with an embodiment of the present invention, the smart contract for a real estate transaction between one or more brokers and one or more sellers outlines the commission of the one or more brokers, their responsibilities, and the terms for property sale or rental, verify the smart contract by cross-referencing the authenticated details related to the one or more brokers and the one or more sellers stored on the one or more ledgers, ensuring that the broker is duly authorized to represent the property and that the seller has agreed to the one or more terms of the one or more brokers, validate the smart contract by executing predefined conditions, such as the successful completion of the property sale or rental, and the disbursement of the commission of one or more brokers upon the transfer of property ownership or execution of a rental agreement, store the executed smart contract immutably on the blockchain platform, ensuring that the commission of one or more broker and transaction details are securely recorded and accessible to authorized parties.

[0022]

[0013] Brokers and agents are central to the system, acting as intermediaries between owners and buyers / renters. They manage financial portfolios independently, supported by robust tools for tracking earnings and optimizing transactions. Anonymous transaction options ensure privacy while fostering transparency and accountability.

[0023]

[0014] In accordance with an embodiment of the present invention, the 3D visualization of the property is generated using the one or more property details received from authenticated users, including spatial dimensions, structural features, and visual characteristics, enhance the 3D visualization by integrating additional data, such as real-time environmental factors, interior design elements, and architectural details, store the generated 3D visualization in one or more sidechains associated with the one or more ledgers, ensuring secure and immutable access to the visualization, provide selective access to the 3D visualization based on user roles, allowing sellers, brokers, buyers, and renters to view the property virtually through linked user devices, update the 3D visualization in real-time upon receiving modifications to the one or more property details, ensuring that all visual representations remain accurate and current.

[0015] The system incorporates advanced capabilities designed to address common challenges in property management:

[0024] • 3D Visualization: The system generates interactive 3D models of properties, offering users virtual inspections enriched with motivational indicators (e.g., payment incentives) and warnings (e.g., leasing delays).

[0025] • Predictive Analytics: Al algorithms analyze historical data and market trends to forecast tenant behaviours, property valuations, and optimal pricing strategies, empowering stakeholders to make informed decisions.

[0026] • Automated Lease Management: Key administrative functions, such as lease renewals, regulatory compliance checks, and document tracking, are automated, reducing manual intervention and improving operational efficiency.

[0027]

[0016] The invention encompasses core components critical to real estate management:

[0028] • Owners: Oversee property operations.

[0029] • Brokers / Agents: Facilitate transactions between owners and buyers / renters while managing administrative tasks for commissions.

[0030] • Customers: Includes buyers, renters, and advertisers utilizing the platform.

[0031] • Real Estate Units: Individual properties managed under the system.

[0032] • Contracts: Standardized templates for all legal and financial agreements.

[0033] • Maintenance Department: Ensures timely repairs and upkeep of properties.

[0034] • Marketing Department: Promotes listings to attract buyers and tenants.

[0035] • Electronic Wallets: Enable secure digital transactions.

[0036]

[0017] In accordance with an embodiment of the present invention, the processor is further configured to verify and ensure compliance of the one or more transactions with local and international trade laws and regulations.

[0037]

[0018] In accordance with an embodiment of the present invention, wherein the processor is further configured to authenticate user and property details using data obtained from one or more local authorities before storing the authenticated details on the one or more ledgers.

[0038]

[0019] In accordance with an embodiment of the present invention, wherein the processor is further configured to provide users with predictive analytics and market trends based on historical transaction data stored on the blockchain, helping users make informed decisions on property transactions.

[0020] In accordance with an embodiment of the present invention, the processor is further configured to generate alerts and notifications for users, including reminders for payment deadlines, upcoming contract expirations, and changes in property status or market conditions, delivered through linked user devices.

[0039]

[0021] According to a second aspect of the present invention, there is provided a computer-implemented method for real estate transaction management. The method comprises steps of receiving and authenticating one or more user details through one or more One-Time Passwords or OTPs, receiving and authenticating one or more property details related to the one or more user details by the associate one or more local authorities, storing the authenticated one or more user details and one or more property details on the one or more ledgers, executing and authenticating financial transactions, including cross-border transactions, using one or more verification codes, storing transaction records immutably on the storage unit, generating smart contracts for real estate transactions and store the contracts on the memory unit, generating a one or more advertisements for virtual property inspections and data visualization using the one or more property on the storage unit, and updating the status related to the one or more property details and their availability in real-time on the one or more ledgers.

[0040] BRIEF DESCRIPTION OF THE DRAWINGS

[0041]

[0022] So that the manner in which the above recited features of the present invention can be understood in detail, a more particular description of the invention, briefly summarized above, may have been referred by embodiments, some of which are illustrated in the appended drawings. It is to be noted, however, that the appended drawings illustrate only typical embodiments of this invention and are therefore not to be considered limiting of its scope, for the invention may admit to other equally effective embodiments.

[0042]

[0023] These and other features, benefits, and advantages of the present invention will become apparent by reference to the following text figure, with like reference numbers referring to like structures across the views, wherein:

[0043]

[0024] Figure 1 illustrates a computer-implemented system for real estate transaction management, in accordance with an embodiment of the present invention;

[0044]

[0025] Figure 2 illustrates method for real estate transaction management, in accordance with an embodiment of the present invention;

[0045]

[0026] Figures 3A-3B illustrate information flow diagrams showcasing an exemplaryimplementation of the system and method of Figs. 1 and 2, in accordance with an embodiment of the present invention; and

[0046]

[0027] Figures 4 illustrate an alternate information flow diagrams of Figs. 3B, in accordance with an embodiment of the present invention.

[0047] DETAILED DESCRIPTION OF THE DRAWINGS

[0048]

[0028] While the present invention is described herein by way of example using embodiments and illustrative drawings, those skilled in the art will recognize that the invention is not limited to the embodiments of drawing or drawings described and is not intended to represent the scale of the various components. Further, some components that may form a part of the invention may not be illustrated in certain figures, for ease of illustration, and such omissions do not limit the embodiments outlined in any way. It should be understood that the drawings and detailed description thereto are not intended to limit the invention to the particular form disclosed. Still, on the contrary, the invention is to cover all modifications, equivalents, and alternatives falling within the scope of the present invention as defined by the appended claims. As used throughout this description, the word "may" is used in a permissive sense (i.e., meaning having the potential to), rather than the mandatory sense, (i.e., meaning must). Further, the words "a" or "an" mean "at least one” and the word “plurality” means “one or more” unless otherwise mentioned. Furthermore, the terminology and phraseology used herein are solely used for descriptive purposes and should not be construed as limiting in scope. Language such as "including," "comprising," "having," "containing," or "involving," and variations thereof, is intended to be broad and encompass the subject matter listed after that, equivalents, and additional subject matter not recited, and is not intended to exclude other additives, components, integers or steps. Likewise, the term "comprising" is considered synonymous with the terms "including" or "containing" for applicable legal purposes. Any discussion of documents, acts, materials, devices, articles, and the like is included in the specification solely to provide a context for the present invention. It is not suggested or represented that any or all of these matters form part of the prior art base or were common general knowledge in the field relevant to the present invention.

[0049]

[0029] In this disclosure, whenever a composition or an element or a group of elements is preceded with the transitional phrase “comprising”, it is understood that we also contemplate the same composition, element, or group of elements with transitional phrases “consisting of’, “consisting”, “selected from the group of consisting of, “including”, or “is” preceding the recitation of the composition, element or group of elements and vice versa.

[0030] The present invention is described hereinafter by various embodiments with reference to the accompanying drawing, wherein reference numerals used in the accompanying drawing correspond to the like elements throughout the description. This invention may, however, be embodied in many different forms and should not be construed as limited to the embodiment set forth herein. Rather, the embodiment is provided so that this disclosure will be thorough and complete and will fully convey the scope of the invention to those skilled in the art. In the following detailed description, numeric values and ranges are provided for various aspects of the implementations described. These values and ranges are to be treated as examples only and are not intended to limit the scope of the claims.

[0050]

[0031] Figure 1 illustrates a computer-implemented system for real estate transaction management, in accordance with an embodiment of the present invention. Referring to the drawings, the invention will now be described in detail. The system 100 may include, but not limited to, one or more user devices 104, and a computer system 102 connected with the one or more user devices 104, a communication module 1026 and a communication network 110. The computer system 102 in the system 100 may act as a brain. In that sense, the computer system 102 may be envisioned as the central processing unit of the system 100. It comprises a processor 1024 and a memory unit 1022. The processor 1024 is a critical component that executes machine-readable instructions stored within the memory unit 1022. The processor 1024 may be one of, but not limited to, a general-purpose processor 1024, an application-specific integrated circuit (ASIC), or a field-programmable gate array (FPGA).

[0051]

[0032] The memory unit 1022 of the computer system 102 is configured to store machine -readable instructions that, when executed by the processor 1024. The storage unit 1080 enable the computer system 102 to store large machine-readable instructions, algorithm and related data. These large machine-readable instructions, algorithm and related data may be transfer to the memory unit 1022 whenever the computer system 102 require it.

[0052]

[0033] The memory unit 1022 and the storage unit 1080 may be selected from a group comprising, but not limited to, Electrically Programmable Read-Only Memory (EPROM), Electrically Erasable Programmable Read-Only Memory (EEPROM), and Flash memory. The memory unit 1022 may be loaded with machine-readable instructions from a non-transitory machine-readable medium, such as, but not limited to, CD-ROMs, DVD-ROMs, and Flash Drives. Alternatively, the machine-readable instructions may be loaded in the form of a computer software program into the memory unit 1022.

[0034] The communication module 1026 specifically configured to enable wireless connections with the one or more user devices 104, over the communication network 110. The communication module 1026 may be configured for facilitating seamless wireless communication within the system 100, ensuring that data transfer and interactions between these components are efficient and secure. The wireless capabilities of the communication module 1026 may extend to its integration with the one or more user devices 104 essential for the real-time data processing and secure data handling required by the system 100. It may support various wireless communication protocols, such as Wi-Fi, Bluetooth, and NFC (Near Field Communication), allowing for flexible and robust connectivity options. These protocols enable the computer system 102 to maintain continuous and reliable wireless connections, which are vital for the dynamic updating and realtime data processing functionalities of the system 100.

[0053]

[0035] In that sense, the communication network 110 may be a short-range communication network 110 and / or a long-range communication network 110. The communication interface includes, but is not limited to, a serial communication interface, a parallel communication interface, or a combination thereof. The communication network 110 may enable the seamless transfer of data and instructions between the components of the system 100. It may utilize various communication protocols and technologies, including, but not limited to, the Internet, intranets, virtual private networks (VPNs), and cloud-based services, ensuring that the system 100 remains connected and responsive to the needs of the users.

[0054]

[0036] The one or more user devices 104 may encompass a range of computing devices, including, but not limited to, desktop PCs, laptops, PDAs, and handheld computing devices such as smartphones and tablets. Each device may be equipped with microprocessor 1024s that facilitate processing and communication capabilities, enabling them to interface seamlessly with the computer system 102 through both wired and wireless connections. In certain embodiments of the invention, these one or more user devices 104 may be more than mere conduits for data input and output; they may themselves house the processor 1024 along with their inherent functionalities. This embodiment may allow for a versatile application of the invention, where the processing power may not be confined to a central computer system 102 but distributed across various one or more user devices 104.

[0055]

[0037] The one or more user devices 104 may be registered with the system 100, which may be crucial for ensuring secure and personalized user interaction. During the registration process, the one or more user devices 104 may capture and submit essential details to the computer system 102. This information may range from basic identification data, such as usernames and contactnumbers, to more specific details like areas of interest, business information, and property specifications. To enhance the security and integrity of the system 100, the registration process may also incorporate biometric authentication methods or code based authentication methods. These biometric authentication methods may include, but are not limited to, fingerprint recognition, face recognition, and iris recognition, ensuring that access to the system 100 is restricted to authorized users only. While the code based authentication methods may include OTP or one time password based authentication methods. This approach of integrating the registration and data management functionalities directly into the one or more user devices 104 may offer several advantages. It may streamline the user experience by allowing for immediate and secure registration and authentication, which is essential in a system handling sensitive contractual and operational data. Furthermore, by decentralizing these functions, the system 100 may enhance its resilience and efficiency, as each device may become a self-sufficient node capable of managing its own security and data interactions with the computer system 102.

[0056]

[0038] In some embodiments of the present invention, the computer system 102 may be configured in a remotely distributed system. This embodiment may contemplate various arrangements for processing and data handling. For instance, the processing tasks traditionally assigned to the central computer system 102 may be performed on a remote server, effectively leveraging cloud computing technologies. The arrangement may offer the flexibility of scalable computing resources and enable efficient handling of large data sets, which may be particularly beneficial for the complex algorithms of the present invention. Alternatively, the processing may be decentralized and carried out on the processor 1024s within the one or more user devices 104. This distributed processing approach may allow for a more resilient system architecture, reducing reliance on a single processing point and potentially enhancing the speed and responsiveness of the documentation process.

[0057]

[0039] In some embodiments, the system may include one or more graphical processing units (not shown) associated with the processor 1024s, which may be configured to generate a 3D visualization of the one or more properties using the one or more property details and a plurality of images shared by the user. This visualization may include an accurate representation of the property's layout, including interior and exterior spaces. The system may provide a user interface where the buyer can explore the property virtually, viewing detailed 3D models from various angles and perspectives. The integration of GPS data may allow the buyer to understand the property’s real-world context, such as its exact position in the city, proximity to transportation links, and neighbourhood layout.

[0040] In some embodiments, the system may use real-time GPS data to provide a comprehensive and accurate representation of the property, helping the buyer make a more informed decision. The ability to explore the property virtually, combined with precise location data, may give the buyer confidence in their purchase, even without physically visiting the site.

[0058]

[0041] Figure 2 illustrates method 200 for documentation of trade transactions related to real estate, in accordance with an embodiment of the present invention. However, the computer-implemented method 200 may be better understood in reference to Figures 3A-3B, side by side. Figures 3A-3B may illustrate information flow diagrams showcasing an exemplary implementation of the system 100 and method of Figure 2, in accordance with an embodiment of the present invention. This may provide a clearer understanding of the operational intricacies and the innovative aspects of the present invention.

[0059]

[0042] Figure 2 illustrates a method for real estate transaction management. So, the computer-implemented system, as shown in Figure 2, may include following steps:

[0060]

[0043] A computer-implemented method for real estate transaction management may comprise the following steps:

[0061]

[0044] Step 202: Receiving and Authenticating One or More User Details Through One or More One-Time Passwords or OTPs:

[0062]

[0045] The method 200 may begin with the system 100 interfacing with one or more user devices 104, such as laptops, tablets, or smartphones, connected via a communication network 110. Sellers, buyers, and other stakeholders may use the one or more user devices 104 to input their personal information into the system 100. For individual users, the personal information may be selected from, but not limited to, name, identity, passport number, mobile phone number, bank account number or a combination thereof. Organizational users may provide trade licenses and tax cards. The processor 1024 of the computer system 102, executing instructions stored in the memory unit 1022, may initiate the authentication process. It may generate and send a One-Time Password (OTP) or verification code to the one or more user devices 104. The One-Time Password (OTP) or verification code my include one or more numbers, alphabets, special characters or a combination thereof. The special charterers may include!, @, #, $, %, *. Upon entering this code, the user's identity may be verified.

[0063]

[0046] Step 204: Receiving and Authenticating One or More Property Details Related to the One or More User Details by the Associate One or More Local Authorities:

[0047] Following user authentication, sellers may input comprehensive information about their real estate units into the system 100. The system 100 may then cross-reference this data with relevant authorities, such as government databases and property registries, to ensure accuracy and legitimacy. This process may involve verifying property ownership, checking for any liens or encumbrances, and confirming zoning regulations.

[0064]

[0048] Step 206: Storing the Authenticated One or More User Details and One or More Property Details on the One or More Ledgers:

[0065]

[0049] Once authentication may be complete, the processor 1024 may direct the storage of user and property information onto secure one or more ledgers within the memory unit 1022. These one or more ledgers may be configured to maintain data integrity, ensuring that once recorded, information may remain tamper-resistant and reliable.

[0066]

[0050] Step 208: Executing and Authenticating Financial Transactions, Including Cross-Border Transactions, Using One or More Verification Codes:

[0067]

[0051] When a buyer or renter initiates a payment, the system 100 may process or execute the transaction. This may include handling any necessary currency conversions for international deals. The processor 1024 may ensure the accuracy of all transaction details and implement security measures to mitigate risks associated with financial transfers. The execution and authentication of financial transactions within a real estate management system 100, encompasses one or more monetary transfers related to property dealings, including purchase payments, rent collections, broker commissions, cross-border transactions, and escrow services. For property sales, the system 100 facilitates fund transfers from buyers to sellers, potentially coordinating with financial institutions for mortgages. In rental scenarios, it manages regular rent deductions from tenants and deposits to property owners or management companies. It may handle broker commissions, calculating and transferring agreed amounts from sellers' proceeds or collected rents. For international deals, it may manage currency conversions using real-time exchange rates. It may provide escrow services, securely holding funds until all sale conditions are met. Throughout the processor 1024 may ensure transaction accuracy and implements robust security measures. Verification codes are used to authenticate transactions, and all financial activities are recorded immutably in the storage unit 1080, creating a transparent and auditable trail of the entire real estate transaction process. The system 100 may use one or more verification codes to authenticate these transactions, ensuring their legitimacy and security.

[0068]

[0052] Step 210: Storing Transaction Records Immutably on the Storage Unit:

[0053] The system 100 may securely store comprehensive transaction records in the storage unit 1080. These records may include details such as amounts transferred, applicable currency conversion rates, and precise transaction timestamps. The storage may ensure the integrity and immutability of these records, providing a transparent and secure transaction history.

[0069]

[0054] Step 212: Generating Smart Contracts for Real Estate Transactions and Storing the Contracts on the Memory Unit:

[0070]

[0055] Using the property details and transaction parameters, the processor 1024 may automatically generate smart contracts. These contracts may encapsulate all agreed-upon terms and conditions between parties. The system 100 may securely store these contracts in the memory unit 1022 and make them accessible to relevant stakeholders.

[0071]

[0056] Step 214: Generating One or More Advertisements for Virtual Property Inspections and Data Visualization Using the One or More Property on the Storage Unit:

[0072]

[0057] The system 100 may generate advertisements that include virtual property inspection capabilities and data visualizations. These may be created using the property details stored in the storage unit 1080. The system 100 may have an ability to render 3D graphical interfaces for virtual property inspections, allowing potential buyers or renters to explore properties remotely and providing a detailed, immersive view of the real estate units.

[0073]

[0058] Step 216: Updating the Status Related to the One or More Property Details and Their Availability in Real-Time on the One or More Ledgers:

[0074]

[0059] As transactions progress, the system 100 may continuously update the status of properties on the secure one or more ledgers in the memory unit 1022. For instance, when a sale may be completed, the property status may change from "Available" to "Sold" in real-time. These updates may be immediately reflected across the system 100, ensuring all stakeholders may have access to the most current property information. This real-time updating may be crucial for preventing issues like double bookings or inaccurate listings.

[0075]

[0060] Finally, in Step 212, the computer system 102 may update the status of the property details and their availability in real-time on the one or more ledgers. As the transaction progresses, the status of the property (e.g., available, under contract, sold) may be updated continuously. The realtime nature of these updates may ensure that all parties involved have access to the most current information, which may be crucial for preventing issues like double bookings or inaccurate listings. The storge unit 1080 may ensure that these updates are secure, transparent, andimmediately reflected across the system. The system 100 may have an ability to render 3D graphical interfaces for virtual property inspections. This feature may allow potential buyers or renters to explore properties remotely, providing a detailed and immersive view of the real estate units. The 3D interface may also serve as a powerful tool for data visualization, offering stakeholders intuitive ways to interact with property-related information on their user devices 104.

[0076]

[0061] Figures 4 illustrate an alternate information flow diagrams of Figs. 3B, in accordance with an embodiment of the present invention. As shown in Figure 4, some embodiments of the system (100) include a blockchain platform 108 associated with the computer system 102. It may automate the generation and execution of digital smart contracts in trade related to real estate transactions. The blockchain platform 108 may be configured to record one or more transactions or transaction data. Once transaction data, is recorded on the blockchain, it cannot be altered easily. This immutability ensures the integrity and trustworthiness of the transaction records, safeguarding against fraudulent activities and unauthorized modifications. All transaction records on the blockchain are transparent and accessible to authorized participants.

[0077]

[0062] The wireless capabilities of the communication module 1026 extend to its integration with the blockchain platform 108, essential for the real-time data processing and secure data handling required by the system 100. The module supports various wireless communication protocols, such as Wi-Fi, Bluetooth, and NFC (Near Field Communication), allowing for flexible and robust connectivity options. These protocols enable the computer system 102 102 to maintain continuous and reliable wireless connections, which are vital for the dynamic updating and real-time data processing functionalities of the system 100.

[0078]

[0063] In some embodiments the blockchain platform 108 may employ one or more cryptographic techniques to secure data, ensuring that transaction records and digital smart contracts are protected from unauthorized access and breaches. Unlike traditional centralized system 100s, the blockchain may operate on a decentralized network, distributing the transaction data across multiple nodes. The multiple nodes may have one or more user devices 104 or one or more memory units 1022.

[0079]

[0064] This decentralization may enhance the system ’s resilience against single points of failure and potential data manipulation. The blockchain platform 108 is configured for high performance, enabling quick processing and recording of transactions. This efficiency is crucial in fast-paced trade environments where timely execution of contracts and verification of documents are essential. The platform supports the creation and execution of digital smart contracts, automating various aspects of trade related to real estate transactions, such as contract formation, compliancechecks, and execution of terms.

[0080]

[0065] Recognizing the diverse nature of global real estate transactions, the blockchain platform 108 may be built with interoperability in mind, allowing seamless integration with various external system 100s and technologies. The platform may be customized to suit the specific requirements of different real estate transactions, accommodating various types of properties, trade laws, and business practices. The blockchain platform 108 may include user-friendly interfaces for both buyers and sellers, simplifying interactions with the system 100 and ensuring ease of use even for participants with limited technical expertise. The platform may be configured to comply with international trade laws and standards, ensuring that transactions executed through the system 100 are legally sound and globally accepted.

[0081]

[0066] This comprehensive system 100 may facilitate various real estate -related activities beyond just buying and selling. It may integrate property management, investment strategies, contract handling, financial account management, and even maintenance scheduling into a single, user-friendly platform. By combining secure authentication, real-time data processing, advanced visualization, and comprehensive transaction management, the system 100 may streamline the entire real estate process, making it more efficient, transparent, and accessible to all stakeholders involved.

[0082]

[0067] The immutability of the blockchain may provide both parties with a permanent, transparent record of the transaction, reducing the risk of disputes and ensuring compliance with international trade regulations. Additionally, the real-time updates on property status may prevent any confusion or overlap in listings, further enhancing the efficiency of the transaction process.

[0083]

[0068] In some embodiments the system 100 may include a blockchain platform 108 to support advantage in handling cross-border transactions, managing currency conversion, and ensuring that payments are securely processed and recorded. The capability may be crucial for international real estate transactions, where multiple currencies and jurisdictions are involved.

[0084]

[0069] The method for an international real estate transaction like the one between Seller and Buyer may involve using the system 100 to handle all aspects of the transaction, from user and property authentication to secure contract execution and financial processing. This may not only streamline the process but also add layers of security, transparency, and trust, which are essential in high-value international transactions.

[0085]

[0070] Furthermore, the invention may be extended to include third-party verification, such as using a financial institution to validate the buyer's financial status before finalizing the smartcontract. In this scenario, the financial institution may confirm the buyer’s ability to pay and then store this verification on the blockchain, adding an extra layer of security to the transaction. For example, if a buyer were to apply for financing to complete the purchase, their bank may use the system 100 to verify the legitimacy of the property details and the buyer’s financial information. This verification process may be recorded on the blockchain, ensuring that all parties involved can trust the information’s authenticity and that the transaction proceeds smoothly and securely.

[0086]

[0071] The ability of the system 100 to integrate third-party verifications may enhance the overall security and efficiency of real estate transactions, especially in complex international deals. This feature may be particularly valuable to financial institutions, real estate companies, and buyers / sellers, providing a reliable and streamlined method for conducting secure real estate transactions across borders.

[0087]

[0072] The system 100's blockchain platform 108 may use a primary blockchain to store critical transaction data, such as user authentication records, smart contracts, and financial transaction logs. However, to manage supplementary data efficiently — such as 3D visualizations, property inspection reports, and maintenance records — the system 100 may employ one or more sidechains linked to the primary blockchain. These sidechains may allow the system 100 to manage large volumes of data without overloading the primary blockchain. For instance, the 3D visualization of the property may be stored on a sidechain. If any updates or modifications are made to the property details, the sidechain may be synchronized with the primary blockchain, ensuring that all changes are accurately reflected while maintaining the integrity and security of the data.

[0088]

[0073] By using sidechains, the system 100 may also enhance scalability, allowing it to handle multiple transactions and data sets simultaneously. This structure may ensure that the system 100 can grow and adapt to increasing demands without compromising performance.

[0089]

[0074] After the seller and buyer agree on the terms of the property sale, the system 100 may generate a smart contract. This contract may include critical details such as the purchase price, payment schedule, and transfer of ownership conditions. The system 100 may verify the smart contract by cross-referencing the authenticated user and property details stored on the blockchain. For example, before executing the contract, the system 100 may ensure that the property title is clear and that the buyer has the necessary funds available. Once these prerequisites are met, the contract may be validated, and upon successful transfer of funds, the system 100 may automatically update the property ownership records on the blockchain.

[0090]

[0075] If a broker is involved in the transaction, the smart contract may also outline the broker'scommission, responsibilities, and the terms for the property sale or rental. The system 100 may verify that the broker is authorized to represent the property and that the seller has agreed to the broker's terms. Once the property sale is completed, the system 100 may disburse the broker’s commission and store all transaction details immutably on the blockchain.

[0091]

[0076] As part of the property sale process, the seller may enhance the 3D visualization of the commercial property by integrating real-time environmental factors, such as sunlight exposure and seasonal changes, as well as interior design elements and architectural details. These enhancements may provide the buyer with a more realistic and immersive virtual experience of the property. The system 100 may store this enhanced 3D visualization on a sidechain associated with the one or more ledgers, ensuring that it remains secure and immutable. Access to this 3D visualization may be provided based on user roles; for example, while the buyer can view the entire property virtually, other potential buyers may only be able to view a basic version of the visualization until they engage in a serious inquiry or negotiation.

[0092]

[0077] The system 100 may also update the 3D visualization in real-time if any modifications are made to the property details, such as renovations or changes in the surrounding environment, ensuring that the visual representation remains accurate and current. Given that the transaction between the seller and buyer involves an international sale, the system 100 may ensure that all aspects of the transaction comply with both local and international trade laws and regulations.

[0093]

[0078] The processor 1024 may be configured to verify compliance by cross-referencing relevant legal frameworks and ensuring that all documents, contracts, and financial transactions adhere to the required standards. For example, the system 100 may check that the sale complies with property transfer laws in both the United States and the United Kingdom, and that all financial transactions meet international anti-money laundering (AML) regulations.

[0094]

[0079] To enhance the functionality of the real estate transaction system 100, the processor 1024 may provide secure API access for third-party developers. For example, a financial institution involved in the transaction may want to integrate its payment processing system 100 with the blockchain-enabled real estate platform.

[0095]

[0080] The API may allow the bank to securely interact with the system 100’s blockchain-based features, such as verifying payment transactions, accessing e-wallet functionalities, and confirming smart contract execution. This integration may ensure a seamless and secure interaction between the bank’s system 100s and the real estate transaction platform.

[0081] As part of the property sale process, the system 100 may require further authentication of the property details provided by the seller. The processor 1024 may interact with local authorities, for example, the New York City property registry for one or more properties in New York City, to obtain official confirmation of the property's title and ownership status.

[0096]

[0082] Once this data is obtained and authenticated, it may be stored on the one or more ledgers on the storage device 1080, ensuring that all details are accurate and verifiable. This step may add an extra layer of security to the transaction, ensuring that both the seller and buyer can trust the validity of the property information.

[0097]

[0083] To assist the buyer in making an informed decision about their property purchase, the system 100 may provide predictive analytics and market trends based on historical transaction data stored on the blockchain. The processor 1024 may analyze past sales data, market fluctuations, and economic indicators to offer predictions on future property values and potential return on investment. This information may help the buyer understand the long-term value of their purchase and make a data-driven decision.

[0098]

[0084] Throughout the transaction process, the system 100 may generate alerts and notifications for both the seller and buyer. For instance, the buyer may receive reminders about upcoming payment deadlines and notifications about the status of the smart contract execution. These alerts may be delivered through the user devices linked to the system 100, ensuring that both parties stay informed and can take timely action when necessary. This feature may help to prevent delays or missed deadlines, ensuring a smooth and efficient transaction process. The present invention, a computer-implemented system 100 for managing real estate transactions and operations, may offer several advantages over prior art in the field of real estate transaction management. Here are some of the key benefits:

[0099]

[0085] Enhanced Security and Immutability: The use of blockchain technology may ensure that all transaction records are immutable. Once a transaction is recorded on the blockchain, it may not be altered or tampered with, significantly reducing the risk of fraud and errors compared to traditional real estate record-keeping system 100s. The system may employ advanced encryption protocols to safeguard sensitive data, including tenant information, financial transactions, and contractual details. By ensuring compliance with international data protection standards, the system may foster trust among users and may mitigate risks associated with unauthorized access or data breaches.

[0100]

[0086] Increased Transparency and Trust: Every transaction may be transparent and traceable. Allparties involved in the real estate transaction may access and verify records on the blockchain, leading to increased trust among buyers, sellers, brokers, and other stakeholders.

[0101]

[0087] Automated Smart Contract Execution: The system 100 may automate the generation and execution of smart contracts based on agreed-upon terms between buyers and sellers. This automation may ensure that contracts are tamper-proof, automatically executing when predefined conditions are met, thereby reducing the need for manual intervention. Brokers and agents may play a pivotal role in facilitating real estate transactions within the system. Each agent may be assigned a unique identifier to track their activities and earnings. Financial portfolio management tools may allow brokers to independently monitor and optimize their transactions, ensuring accountability and transparency. Additionally, the system may provide an option for anonymous transactions to protect the privacy of intermediaries.

[0102]

[0088] Streamlined Cross-Border Transactions: The system 100 may simplify cross-border real estate transactions by handling currency conversions and ensuring that all payments are securely processed and recorded on the blockchain. This feature may be particularly beneficial in international transactions, where multiple currencies and jurisdictions are involved.

[0103]

[0089] Compliance with Local and International Trade Regulations: The system 100 may be configured to ensure compliance with local and international trade laws and regulations. This compliance may be crucial for real estate transactions, especially in cross-border deals, where legal and regulatory requirements vary.

[0104]

[0090] Real-Time Property Status Updates: The system 100 may allow for real-time updates of property status and availability on the one or more ledgers. This may ensure that all parties have access to the most current information, preventing issues such as double bookings or outdated listings.

[0105]

[0091] Scalability and Efficient Data Management: The use of sidechains linked to the primary blockchain may allow the system to manage large volumes of supplementary data, such as 3D visualizations and inspection reports, without overloading the primary blockchain. This structure may enhance the scalability and efficiency of the system. The modular architecture of the system may enable seamless scalability, supporting portfolios ranging from small residential properties to large commercial complexes. By automating routine processes, the system may significantly enhance operational efficiency, allowing stakeholders to allocate resources toward strategic initiatives and client relationship management.

[0092] Enhanced User Experience with 3D Visualizations: The system 100 may provide enhanced 3D visualizations of properties, integrating real-time environmental factors and architectural details. These visualizations may offer a more immersive and realistic experience for buyers, helping them make more informed decisions.

[0106]

[0093] Cost-Effectiveness: By reducing the need for extensive paperwork and manual processing, the system may potentially lower the costs associated with real estate transactions. Automation of processes such as contract execution and document verification may further contribute to cost savings.

[0107]

[0094] Improved Dispute Resolution: With each document and transaction step clearly recorded and verifiable on the blockchain, the likelihood of disputes may be reduced. Transparent and immutable records may help resolve any disagreements quickly and fairly.

[0108]

[0095] Therefore, compared to prior art, the present invention may offer a more secure, transparent, efficient, and user-friendly approach to managing real estate transactions. By leveraging blockchain technology and advanced computing techniques, it addresses many challenges and limitations of traditional real estate transaction management. This makes it particularly valuable in global real estate markets, where complexity and scale demand robust and reliable systems.

[0109]

[0096] In general, the word “module,” as used herein, refers to logic embodied in hardware or firmware, or to a collection of software instructions, written in a programming language, such as, for example, Java, C, or assembly. One or more software instructions in the modules may be embedded in firmware, such as an EPROM. It will be appreciated that modules may comprised connected logic units, such as gates and flip-flops, and may comprise programmable units, such as programmable gate arrays or processors. The modules described herein may be implemented as either software and / or hardware modules and may be stored in any type of computer-readable medium or other computer storage device.

[0110]

[0097] Further, while one or more operations have been described as being performed by or otherwise related to certain modules, devices or entities, the operations may be performed by or otherwise related to any module, device or entity. As such, any function or operation that has been described as being performed by a module could alternatively be performed by a different server, by the cloud computing platform, or a combination thereof. It should be understood that the techniques of the present disclosure might be implemented using a variety of technologies. For example, the methods described herein may be implemented by a series of computer executableinstructions residing on a suitable computer readable medium. Suitable computer readable media may include volatile (e.g., RAM) and / or non-volatile (e.g., ROM, disk) memory, carrier waves and transmission media. Exemplary carrier waves may take the form of electrical, electromagnetic or optical signals conveying digital data steams along a local network or a publicly accessible network such as the Internet.

[0111]

[0098] It should also be understood that, unless specifically stated otherwise as apparent from the following discussion, it may appreciated that throughout the description, discussions utilizing terms such as "controlling" or "obtaining" or "computing" or "storing" or "receiving" or "determining" or the like, refer to the action and processes of a computer system, or similar electronic computing device, that processes and transforms data represented as physical (electronic) quantities within the computer system's registers and memories into other data similarly represented as physical quantities within the computer system memories or registers or other such information storage, transmission or display devices.

[0112]

[0099] Various modifications to these embodiments are apparent to those skilled in the art from the description and the accompanying drawings. The principles associated with the various embodiments described herein may be applied to other embodiments. Therefore, the description is not intended to be limited to the embodiments shown along with the accompanying drawings but is to be providing broadest scope of consistent with the principles and the novel and inventive features disclosed or suggested herein. Accordingly, the invention is anticipated to hold on to all other such alternatives, modifications, and variations that fall within the scope of the present invention and the appended claims.

Claims

CLAIMS:

1. A computer- implemented system for real estate transaction management, the system comprising:one or more user devices associated with respective users, including sellers, brokers, buyers, and renters, wherein the one or more user devices are linked to a communication network supporting one or more one or more ledgers on a storage device;a computer system connected with the one or more user devices through a server over the communication network, the computer system including:a processor; anda memory unit configured to store machine-readable instructions that, when executed by the processor, cause the computer system to:receive and authenticate one or more user details through one or more One-Time Passwords or OTPs;receive and authenticate one or more property details related to the one or more user details by the associate one or more local authorities;store the authenticated one or more user details and one or more property details on the one or more ledgers;execute and authenticate financial transactions, including cross-border transactions, using one or more verification codes;store transaction records immutably on the storage unit;generate smart contracts for real estate transactions and store the contracts on the memory unit;generate one or more advertisements for virtual property inspections and data visualization using the one or more property on the storage unit; andupdate the status related to the one or more property details and their availability in real-time on the one or more ledgers.

2. The system of claim 1, wherein the processor is further configured to provide secure API access for one or more third-party developers to integrate e-wallets.

3. The system of claim 1, wherein the processor is further configured to assign and provide role-based access control (RBAC) for user permissions; and determine which functionalities are available to users based on their assigned roles, wherein the roles may be selected from owner, lessee, broker, or agent.

4. The system of claim 1, further comprising a blockchain platform, the platform including:a primary blockchain and one or more sidechains stored on a server to manage and secure data related to real estate transactions, user details, and property details;wherein the primary blockchain is configured to store core transaction data, including user authentication records, smart contracts, and financial transaction logs, ensuring that all data entries are immutable and timestamped;wherein the one or more sidechains are linked to the primary blockchain, configured to store supplementary data such as 3D visualizations, property inspection reports, and maintenance records, allowing for efficient data management and scalability, ensure that any updates or changes to the supplementary data are reflected on the main one or more ledgers while maintaining the integrity and security of the data across the database;provide secure and controlled access to the data stored on the blockchain platform, allowing authenticated users and authorized third-party applications to interact with the data through the API of the system.

5. The system of claim 1, wherein the smart contract for a real estate transaction between one or more buyers and one or more sellers is based on the terms and conditions agreed upon by both parties, including property details, payment terms, and the transfer of ownership; verify the smart contract by cross-referencing the authenticated details related to the one or more buyers and the one or more sellers stored on the one or more ledgers, ensuring that both parties have fulfilled any required prerequisites, such as property title verification and financial readiness;validate the smart contract by executing predefined conditions, such as the successful transfer of funds from the one or more buyers to the one or more sellers, and updating the property ownership records on the one or more ledgers once the transaction is complete; store the executed smart contract immutably on the blockchain platform, ensuring that the transaction details are securely recorded and accessible to authorized parties.

6. The system of claim 1, wherein the smart contract for a real estate transaction between one or more brokers and one or more sellers outlines the commission of the one or more brokers, their responsibilities, and the terms for property sale or rental;verify the smart contract by cross-referencing the authenticated details related to the one or more brokers and the one or more sellers stored on the one or more ledgers, ensuring that the broker is duly authorized to represent the property and that the seller has agreed to the one or more terms of the one or more brokers;validate the smart contract by executing predefined conditions, such as the successful completion of the property sale or rental, and the disbursement of the commission of one or more brokers upon the transfer of property ownership or execution of a rental agreement;store the executed smart contract immutably on the blockchain platform, ensuring that the commission of one or more broker and transaction details are securely recorded and accessible to authorized parties.

7. The system of claim 1, wherein the 3D visualization of the property is generated using the one or more property details received from authenticated users, including spatial dimensions, structural features, and visual characteristics;enhance the 3D visualization by integrating additional data, such as real-time environmental factors, interior design elements, and architectural details;store the generated 3D visualization in one or more sidechains associated with the one or more ledgers, ensuring secure and immutable access to the visualization;provide selective access to the 3D visualization based on user roles, allowing sellers, brokers, buyers, and renters to view the property virtually through linked user devices; update the 3D visualization in real-time upon receiving modifications to the one or more property details, ensuring that all visual representations remain accurate and current.

8. The system of claim 1, wherein the processor is further configured to verify and ensure compliance of the one or more transactions with local and international trade laws and regulations.

9. The system of claim 1, wherein the processor is further configured to authenticate user and property details using data obtained from one or more local authorities before storing the authenticated details on the one or more ledgers.

10. The system of claim 1, wherein the processor is further configured to provide users with predictive analytics and market trends based on historical transaction data stored on the blockchain, helping users make informed decisions on property transactions.

11. The system of claim 1, wherein the processor is further configured to generate alerts and notifications for users, including reminders for payment deadlines, upcoming contract expirations, and changes in property status or market conditions, delivered through linked user devices.

12. A computer-implemented method for real estate transaction management, the method comprising the steps of:receiving and authenticating one or more user details through one or more One-Time Passwords or OTPs;receiving and authenticating one or more property details related to the one or more user details by the associate one or more local authorities;storing the authenticated one or more user details and one or more property details on the one or more ledgers;executing and authenticating financial transactions, including cross-border transactions, using one or more verification codes;storing transaction records immutably on the storage unit;generating smart contracts for real estate transactions and store the contracts on the memory unit;generating a one or more advertisements for virtual property inspections and data visualization using the one or more property on the storage unit; andupdating the status related to the one or more property details and their availability in real-time on the one or more ledgers.

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