Blockchain Real Estate Transaction System
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Solution Overview
Problem
The existing processes for purchasing and selling real estate are cumbersome and time-consuming, requiring multiple communications with entities like banks, legal affairs bureaus, and insurance companies, which hinders the ease of transaction and market activation.
Innovation Solution
A system utilizing a blockchain network to store real estate information as Non-Fungible Tokens (NFTs), allowing for the transfer of ownership, mortgages, and contracts without changing real estate registration or mortgagors, thereby simplifying the purchase and sale process by eliminating the need for conventional registration and communication with multiple entities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If conventional real estate transaction processes are used, then legal security and ownership transfer are ensured, but the transaction process becomes cumbersome and time-consuming
Solution Approach 1:
The patent segments the real estate information into distinct data blocks stored on the blockchain, including ownership information, mortgage information, and contract information. This segmentation allows for efficient verification and transfer of specific rights without requiring complete re-registration of all real estate attributes, thereby reducing transaction time while maintaining legal security through cryptographic verification of each segment.
Solution Approach 2:
The patent introduces a blockchain-based intermediary system that acts as a trusted mediator between parties. The blockchain network verifies and records ownership transfers, mortgage registrations, and contract executions without requiring direct communication with multiple external entities like banks and legal affairs bureaus. This intermediary mechanism ensures legal security through decentralized consensus while eliminating time-consuming sequential communications.
2Reliability
If multiple communications with external entities are required, then comprehensive verification is achieved, but the ease of transaction is reduced
Solution Approach 1:
The patent merges multiple verification functions into a single blockchain-based system. Ownership verification, mortgage verification, and contract verification are all consolidated into one unified blockchain network that parties can access simultaneously. This merging eliminates the need for separate communications with banks, legal affairs bureaus, and insurance companies, thereby maintaining comprehensive verification while significantly improving transaction convenience.
Solution Approach 2:
The blockchain system performs multiple verification functions universally through a single platform. It simultaneously handles ownership transfer verification, mortgage registration verification, contract execution verification, and tax payment verification. This multi-functional approach replaces the need for specialized interactions with multiple external entities, achieving both verification completeness and operational ease.
3Manufacturing precision
If real estate registration and contract changes are required for each transaction, then legal accuracy is maintained, but the complexity of the process increases
Solution Approach 1:
The patent implements preliminary action by pre-storing all real estate information (ownership, mortgage, contract details) in a standardized format on the blockchain before transactions occur. When a transaction happens, the system simply updates the relevant fields rather than requiring complete re-registration. This preliminary structuring maintains legal accuracy through cryptographic immutability of historical records while reducing process complexity by eliminating repetitive registration procedures.
Solution Approach 2:
The patent uses cryptographic copying mechanisms where the blockchain creates immutable copies of real estate information and transaction records. Instead of physically changing registration books or contract documents, the system generates cryptographic copies of the updated state distributed across the network. This copying approach maintains legal accuracy through verifiable replication while simplifying the process by replacing complex physical amendment procedures with automated digital replication.
Data Source
AI summary
A system for supporting purchase and sale of real estate of the invention comprises: storage means for storing information indicating real estate on sale, the storage means storing, while associating, information indicating a true owner of the real estate, information indicating a contract signed for the real estate, and information indicating a revolving mortgage on the real state; receiving means for receiving a request to purchase the real estate from a user; rewriting means for rewriting the true owner of the real estate indicated by the information indicating the true owner to the user without changing registration of the real estate, without changing the contract, and without changing a holder of the revolving mortgage; and notification means for notifying the user that purchase of the real estate has been completed.