Asset Bank

Asset Bank

Future of Secure Asset Ownership Transfer

Asset Bank

Asset Bank

Future of Secure Asset Ownership Transfer

The problem Asset Bank solves

We have been hearing multiple cases of fraud while transferring the ownership of land. Fake ownership certificate of the land is created and then the land is sold to another person without the owner of the land being aware and it creates problem for the owner and the victim while the frauds run away with the money. We felt like this is one of the serious issues which need to be solved.
Similarly, there are several cases of open land not registered yet in a personal name, which is governmental property, have been encroached by people with fraud mindset. This type of deeds can be stopped when the information of assets is listed in the block chain, which is provisioned in our webapp.
Some people in authority have been misusing their power. The digital record in several offices gets revised without proper procedure. This can be stopped as the data in the block chain is immutable and can't be easily edited. For registration and security purpose we could ask to fill up the KYC with necessary documents.
Some people have taken benefit by evading tax while buying or selling lands. If the transaction is done through the application then the transaction will be transparent and the required amount of tax can be used for the right cause.
We focused on land for this project, transfer of ownership of other assets can be done in a similar way. It could be our Asset bank in our own hands.

Challenges we ran into

Being new to Solana development we ran a few problems while doing the project. We decided to work with anchor framework for development of our application. While installation of anchor framework in windows, we could not resolve the problem we faced. We searched various forums and found out that the problem was with avm and that windows is not supported right now so we had to work in windows subsystem for linux (wsl). It was quite time consuming for us. We had to reinstall all the dependencies in WSL. Similarly, after the problem with anchor was resolved we started developing our application. In the course, we had to shift to different approach due to our project requirement and needed to learn about the NFT protocol and how it is implemented. Another major problem which we faced was during the connection of the front end with the blockchain. We decide to use wallet adaptors for the connection of our application to the chain. Webpack did not support the wallet adaptors and the dependencies were not installed properly. We had to dive deep to find the problem and had to configure webpack settings. It was yet another time consuming task which took the effort of all the team members to come up with the solution. We overcame all these hardships and learned a great deal of new concepts. This hackathon has been helpful in exploring new concepts of Rust, blockchain and Solana.

Technologies used

Discussion