The problem Bhoomi 1.0 solves

• BHOOMI is solving the problems of real estate by creating a decentralized secure layer over the current real estate ecosystem for buying land fractionally in the form of ERC-1155 NFTs from the rightful owner decided by the POO (Proof of ownership). This ensures the security and validity of the POO and NFTs. The platform also addresses issues such as ensuring the BM tokens are fairly distributed and do not lead to centralization of power, developing a dispute resolution mechanism to handle conflicts between buyers and sellers, and using blockchain-based identity verification to ensure the authenticity of buyers and sellers.
• BHOOMI is using blockchain technology to create a decentralized layer over the real estate ecosystem, providing transparency and security in property transfers. The use of smart contracts and NFTs ensures the authenticity and validity of the POO and NFTs, providing a secure platform for buying and selling land fractionally. (Future implementations)Additionally, the platform addresses issues such as developing a dispute resolution mechanism to handle conflicts between buyers and sellers and using blockchain-based identity verification to ensure the authenticity of buyers and sellers.

Features

• Login through your socials that will lead to easy onboarding to the DApp ( non -custodial wallet)
• Deployed on Polygon leads to high throughput and security.
• Developing a user-friendly interface for buying and selling NFTs, especially for those who are not familiar with blockchain technology
• create NFTs of your home that will show that you are the rightful owner of that property ( POO)
• The NFT is validated by the community of validators, hence power the decentralization protocols
• BM Tokens are inbuilt tokens of BHOOMI Protocol.
• To be a validator who have to stake 20 BM Tokens that will make sure that the validator work properly because if not they are slashed by the smart contract
• NFT are verified after 70% of the validators votes on

Challenges we ran into

1.In India, buying a property (especially a house) is an emotional proposition. For many it means putting their hard earned life's savings into it. Hence before buying many people prefer paying visit to the site, looking at sample apartment, check on the fittings, check views from the room, vastu-compliance, look at water-supply situation, what kind of community is around, etc etc. Hence a lot of due diligence goes on before buying an apartment. However if we look at things generally sold online - like clothes, electronics, books, etc; they are impulsive in nature - People just buy because they 'liked' it. May be it could be a small sum of money or just that the product was very attractive.
2.In India, property prices are never fixed. There is always a room for negotiation. If we make it online it has to be (generally) at a fixed price. I know there ways like cookie store through which we can manipulate the pricing. But net-net buyers will always negotiate before buying an apartment.
3.Most real estate in India draws money from black (or grey) market. Hence if you sell things online they will become transparent (i.e. white) because buyers will use some form of trusted (therefore verifiable) mode of payment.
4.The biggest hurdle to transactions on online real estate portals is the lack of trust in broader real estate industry and how difficult is law implementation in the country.
5.Bank and registration office visit cannot be nullified.

How to ensure that the POO and NFTs are legally binding and enforceable in a court of law

Can there is a chance of 51% attack

• Tokens good distribution is the solution for this.

Addressing the issue of scalability as more users start to use the platform

Ensuring that the BM tokens are fairly distributed and do not lead to centralization of power

Developing a dispute resolution mechanism to handle conflicts between buyers and sellers

• Solution we can say there is platforms like kleros on Ethereum chain for such kind