Short Story

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Problem statement :

Many lack confirmation of ownership to parcels of land they occupy, or they become displaced and are not able to provide proof of ownership.

Describe your solution to the problem

Land plots are created using GPS coordinates for initial ownership, subsequent purchase/sales are made using ADA on a verifiable blockchain.

Relevant experience

I’m a lawyer who wants to help people establish property rights in places where governments lack the infrastructure to effectively do so.

Detailed plan (not required) – Fill in here any additional details

The target market for the app is within the same population who would make use of Cardano’s decentralized finance applications. I would hopefully piggyback on the inroads IOHK is making in Africa and other parts of the world.

The approach would be to start small with a very simple to use application that would allow users to plot points manually, draw a plot by hand using a mapping tool, ‘draw’ their land by walking the boundaries using gps, or plot land by using any other reputable method that the app allows.

The next step would be to establish integration with defi projects so that people who are recognized owners of land can use their land as collateral for micro loans. This would give them access to credit that they might not otherwise have. Rental and other occupancy agreement functions can be added down the line.

Even further down the line, the app’s capabilities can be expanded into something robust enough that it could be used in dense urban populations with multilevel apartment buildings, similar to what the Galt project provides. Then, ideally the app could be integrated with or replace local governmental property record keeping systems. The benefits to local governments would be (1) local governments would not be burdened by record keeping, (2) land disputes could be resolved quickly with clear title, (3) property owners would have a strong incentive to improve property in their jurisdiction, and (4) local government could quickly identify owners to levy property taxes. The taxation function could be integrated with the defi app and may be the strongest incentive for governments to adopt and recognize the app. Although the taxation aspect is a detriment (everyone hates paying taxes), I believe that the benefit of governmental recognition of ownership outweighs the negative.

The goal is to see users of the app gain wealth by using their property to access to credit with integrated defi applications.

Which of these definitions apply to you? Other/Prefer not to say, Entrepreneur

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Proof of Ownership-Land/Real Estate

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