PROPCHAIN Team 6 Diya Mathew Hunter Rudd Kevin

PROPCHAIN Team 6 Diya Mathew, Hunter Rudd, Kevin Gannon, Nandita Beri

Current property purchasing process puts the sellers and buyers at risk Steps in Purchase Players Involved Major Inefficiencies Ownership Transfer & Escrow Payments Find the right property Draft a contract Inspection & Appraisal • Buyer • Agents • Lawyer • Notary • Buyer • Seller • Agents • Inspector • Appraiser • Buyer • Seller • Agents • Insurer • Lawyer • Buyer • Insurer • Lawyer • Misaligned incentives • Superficial knowledge of house • Time consuming • Insufficient information • > $300 • Hidden problems undetected • Managed by 3 rd party escrow account • Faults uncovered • Insufficient information for repairs Hire a realestate agent Post Sale Issues

Solution: Private, Permissioned Blockchain Propchain • • Parties to a transaction verify and publish to the chain Third-parties validate through cryptography to ensure immutability through nested transactions • Trustworthiness provided by consortium members having competing interests and civil and criminal liability • A single blockchain is created for each property thereby serving as an immutable record of relevant activity related to that property Property Owners General Contractors Material Providers Permissioned, multi-party verification and security Subcontractors Real Estate Agents Inspectors & Appraisers

Monetization Strategy General Contractors / Builders Real Estate Agents Inspectors / Appraisers Subscription Fee per property Value Proposition • Decreases admin fees • Reduces expenses attributable to overages • Accurate Pricing • Accelerate deal flow • Reduces time and effort spent on valuing the property

Risk Analysis RISKS • Success of platform contingent upon reaching a critical mass of users • Limit to details that can be provided (cannot solely reply upon) STEPS TO MITIGATE • Offer services free to buyers • Free access to government/policy makers stakeholders / multiple perspectives • Gain input from multiple • Complexity of inputs / technology intimidating to inexperienced users • Implement a highly user-friendly, scalable interface (customizable views, filtering capabilities, etc. )

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Blockchain technology provides the best solution Distributed Ledger Builders: Reduced cost due to lower wastage Buyers/Sellers: Better info. for decision making RE Agents: Quick and transparent negotiations Degree of inspection needed reduced greatly. Some administrative staff for builders and suppliers no longer required. Economic Benefits Disintermediation Home ownership details & Price consensually shared and synchronized across network. Home inventory details shared with permissioned users. Remote independent writers Existence in absence of trust Cryptographically secured transactions by builders, home owners etc. benefit RE agents, home buyers in future. Consensus network with immutable transactions and timestamps to serve as evidence in case of disputes.

Example: Private, Permissioned Blockchain Propchain Publicly Visible Private, Permissioned Real Estate Agents Property ID or Address Registration of Title Ownership Change Permissions to General Contractor Property Owners Permitting for project General Contractors Sub-contractors Multiparty Verification Account Setup for project Materials Billing Permissions to Sub-contractor Material Providers Inspectors Installation Services Rendered Verification of work Valuation & Sale Preparation Sale Cycle

Example: Private, Permissioned Blockchain Property ID or Address Registration of Title Ownership Change Encrypted; Hash to Validate Permissions to General Contractor Encrypted; Hash to Validate Permitting for project Encrypted; Hash to Validate Account Setup for project Owner View Materials Billing Permissions to Sub-contractor Encrypted; Hash to Validate Sub-contractor View Permissions to Sub-contractor Installation Services Rendered Verification of work Valuation & Sale Preparation Publicly Visible Private, Permissioned