MyPropChain

Owned by Carmen Esther Ocampo Mayor
Mar 15, 2022
5 min read

Innovation Tagline: 

Project Keywords:  #dapp #proptech #identity #smartcontract #interoperability

Project Members

  1. @cocampom
  2. @helder1977
  3. @moisesja
  4. @miguelpatino
  5. @MarcoDCorrea
  6. @josephv2210

Project Description (no more than 1,000 words including graphics)

MyPropChain becomes a solution that will allow the creation of real estate assets under a decentralized wallet that allows the control of the same as an intelligent digital asset. This will include identity verification processes to confirm ownership, verification of property ownership, information management and traceability of maintenance activities.

Problem

The pandemic showed that the governmental information systems and the different processes that lead to a session of rights over a real estate asset are still manual, so that many people, not being present in the country, city or municipality, and not having the mobility in person prevented in many cases to keep their properties up to date with legal processes, taxes, maintenance, purchase and sale and others.
Additionally, in Latin America especially, there are many problems of ownership and traceability of the same, and the information is biased to many physical repositories in notaries where the copies of the deeds and processes of purchase and sale or others are located.
Globalization also creates the need since the migration of people to other countries makes it very tedious to keep the real estate up to date and taking the physical library with them is even more difficult, often remaining in the hands of third parties "responsible" that makes it easily lost and making the owner does not have the availability of their information or know the status of their property at hand and reliably.

Currently there are solutions focused on carrying out the buying and selling processes on blockchain and applying smart contracts, but the process remains in charge and the documentation on the platform on which it was carried out. There are also platforms to carry out NFT auctions of real estate.
None is really focused on the user and the needs of generating a comprehensive digital real estate that allows to keep all your information on if securely. As well as they are not integrated with the agencies that manage them in their jurisdiction.

We seek to be competitive initially in Latin America with a solution that first of all keeps the information about people's assets secure.
To integrate valuable services to generate interoperability with regulatory bodies, banks, and other actors to provide security in the information and assurance of the chain of custody through processes of granting reading of the same through a process of verification and reliability of this.
To seek to be pioneers in the region by providing a standard framework for the certification of the ownership of real estate assets.

Solution

  • Decentralized Application.
  • Our solution would contain a digital identity module supported on blockchain.
  • Identity validation onboarding
  • Property ownership validation
  • Creation of property ownership information library.
  • Tax and tradition interoperability framework.
  • Activation of recurring processes on the asset.


Our solution is focused on the end user and leaves the B2B context to provide decentralization in the sense of who has the information of the same. Seeking to educate the user on the value of ownership information, good tradition and tenure on a property.
This information, care and good tenure values the properties in addition to providing the possibility of transferring it to a new owner so that the asset itself has its own information.

The existing solutions in the market seek to provide services to the intermediaries of the value chains around the real estate business but not to the owners of the property. Our solution seeks to be a B2C and C2C service in the exchange of information and verification of the same to be the means by which value can be exchanged.

  • We seek to obtain in our minimum viable product the creation of the identity of people validated through a KYC verifying their identity.
  • Create a real estate asset verifying its ownership and current status in terms of taxes and tradition.
  • Create at least one smart contract to keep the property up to date with taxes.


Accomplishment and Team

  • Development leader. Moises Jaramillo
  • Full Stack Developer. Miguel Patiño.
  • Junior Front End Developer. Joseph Vallejo
  • Product Owner. Marco Correa.
  • Business Leader in the area of Real Estate. Helder Vargas. Real Estate Expert.
  • Business Leader in the area of Blockchain and Enterprise Solutions. Carmen Ocampo.


We are looking for support to create a suitable standard in digital identity that works as a basis for Colombia and Latin America.
We want to create a standard for the generation of real estate assets in blockchain and the treatment of its library and decentralized information through one of the protocols that allow it and work in conjunction with Blockchain as the IPFS.
Only one person in the team has experience in developing solutions on Blockchain so we are looking to develop this area of knowledge in the rest of the team.

Project Plan

- Generate the two standard protocols for the creation of digital identity for persons and for real estate.
- Create the decentralized application.
- Create the library in a decentralized environment.
- Generate at least one interoperability with a local regulatory body that allows us to verify taxes or ownership of the property.
- Generate interoperability with a financial entity that requires, through a process mediated by an intelligent contract, the consultation of a property owner's property to be valued in a loan process.


- Currently the solution is part of the entrepreneurial ecosystem of Panama, valued in the ideaton 2021 of Capatec, the chamber of technology of this country as an innovative and winning solution. It was awarded with a pre-seed capital by the IDB.
- We are part of Escala Latam, an incubator in Panama with the objective that our solution can be implemented for clients in the banking and insurance sectors.
- We already have a Central American bank interested in testing the pilot.
- We want to provide a test environment for the public registry system in Colombia to interoperate in the validation of property and updating information.

- Our risk derives from the limitation of interoperability services that government services have with private entities.
- That people do not pay for validation services.
- That the decentralization of the real estate information is not adequate and that it does not comply with the country's regulations regarding the GDPR.
- We seek to present ourselves before the miilab (public innovation laboratory) in Colombia as an integrator of open innovation services with government entities.
- We seek not only to have presence in Colombia but also in Panama and through Capatec present the project at the government level.
- That the development team as a whole does not have experience in Blockchain development, so we seek through this challenge to match the necessary knowledge to achieve it.