I am beginner in Blockchain learning to build smart contracts. Can anyone give little insight on below case on how to start:
Use Case: Property transfer
Problem: Currently, we use the central authority to transfer the property ownership. This makes it time consuming and attracts a lot of extra expenses too with an additional burden of document management. Also, since the system is centralized, there is always a possibility of fraudulent.
Possible Solution: One technology that immediately comes to mind is the blockchain and the elegant way in which it uses distributed ledgers. If we use blockchain to record land transfers, we can have an immutable history of every property transaction that can be viewed by everyone and tampered by no one
This brings us to a point that how the government will play its role when people shall try to transfer the property on their own? Here govt can initiate this service as a part of e-governance & cut down delays
Some common example of land registry on blockchain can be seen here: http://bitlandglobal.com/ .
So, here is the problem which you must solve. You need to build a smart contract which is capable of handling property transfer with below cases
Actions to be performed:
• Insert some dummy properties to replicate the real world. These properties shall have basic characteristics e.g. address, location, floors & etc.
Make sure you create demo entries from a single owner. This single owner shall assign the properties to you.
If you try to replicate it in real world, generally the government shall be signing the document which says that now you’re the owner of this property. So here in this case, think that you’re building this solution for a government. Government shall be assigning the properties after verifying your original documents. Hence, make sure that you generate the dummy properties by a single owner & this shall be distributing it to multiple people (addresses)
• Any address can send the property from his account to other owner. Check the ownership of property before transferring it to the other owner
• Try to include as many general parameters as possible to keep the smart contract almost replicating the real-world transaction
Example: Name of the owner, Name of the new owner, property cost, location etc. (Be creative here)
• After the successful transfer of the property, you need to be sure that the old owner is not able to send the property again (encountering double spending)
• Finally, the new owner must be able to send the freshly received property to any owner(address), he/she wishes to
Note: Each of the above shared points should be checked. Create a bare minimum UI so that all these can be validated from the UI itself.