Geofence-Based Real Estate Title Management Platform
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Solution Overview
Problem
Current systems lack a centralized platform to manage real estate titles and permissions effectively, leading to issues such as virtual real estate piracy and difficulties in compensating owners of various rights and titles, as well as unclear definitions of metes and bounds.
Innovation Solution
A platform that utilizes geographic designators and IP addresses to create geofences, managing titles and permissions through a database that includes master and slave keys, enabling secure control and transfer of rights, and facilitating financial transactions using blockchain technology.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If a centralized platform is implemented to manage real estate titles and permissions, then the efficiency and security of title management is improved, but the system complexity and infrastructure requirements increase
Solution Approach 1:
The patent introduces a centralized title management platform that acts as an intermediary between real estate owners, buyers, and other stakeholders. This platform maintains a database of encrypted title information and provides controlled access through decryption keys, thereby improving reliability and security while managing the complexity through a dedicated intermediary system.
Solution Approach 2:
The patent implements a digital copy of the title system where title information is encrypted and stored in a centralized database. Instead of managing physical documents or decentralized records, the system creates a digital replica that can be securely accessed and verified, improving reliability while reducing the need for complex physical infrastructure.
2Measurement precision
If geographic designators and IP addresses are used to create geofences for permission control, then the precision of location-based access control is improved, but the difficulty of detecting and measuring boundaries increases
Solution Approach 1:
The patent employs IP addresses as a universal identifier that can represent geographic boundaries. By using a standardized addressing system that already exists in the network infrastructure, the patent achieves precise location-based control without requiring complex custom boundary detection systems. The IP address serves multiple functions: identification, geolocation, and access control authorization.
3Reliability
If blockchain technology is used to facilitate financial transactions, then the transparency and security of transactions is improved, but the processing time and energy consumption increase
Solution Approach 1:
The patent extracts the critical security and transparency functions of blockchain technology while potentially using a simplified or private blockchain implementation. By focusing only on the essential features needed for title transfer and financial transaction security, the system achieves improved reliability without necessarily incurring the full time and energy costs of a public blockchain network.
Data Source
AI summary
Methods and systems for managing real estate titles and permissions include using a key to identify titles and/or permissions. The key is preferably operable to control operations of electronic devices within geographic boundaries, with the geographic boundaries preferably being defined by a geofence and/or IP-based addressing. In certain embodiments, a system is linked to real property records to assign the key to the owner of record. Like other property rights, this virtual right-to-control electronic devices while located in a certain space may be sold outright, leased, rented, partitioned or otherwise conveyed to others.