Realtify Real Estate Platform Process

1. Platform Overview:

   • Realtify is a blockchain-based real estate platform integrating the Rentify Token for transactions. It aims to streamline the property transaction process while ensuring trust and transparency.

2. Actors Involved:

   • Client: Purchases the property through the platform.
   • Seller: Lists the property for sale.
   • Inspector: Verifies and inspects the property before finalizing the transaction.
   • Broker: Facilitates the transaction and earns a 10% commission.

3. Transaction Workflow:

   • Step 1: Property Listing:
     • Sellers list properties on Realtify, providing necessary details and setting a price.
   • Step 2: Client Purchase:
     • Clients browse properties and initiate a purchase using Rentify Tokens or other blockchain-supported payment methods.
   • Step 3: Payment Hold:
     • The payment is held in a smart contract escrow on the Ethereum blockchain.
   • Step 4: Inspection Process:
     • The system assigns an inspector to verify the property’s condition and ensure it matches the seller's claims.
   • Step 5: Inspection Completion:
     • Upon successful inspection, the inspector updates the smart contract with the verification.
   • Step 6: Funds Distribution:
     • The smart contract releases the held amount:
       • 90% to the seller.
       • 10% to the broker as commission.

4. Technical Infrastructure:

   • Blockchain: Ethereum is used for secure and transparent transaction management.
   • Smart Contracts: Manage the escrow, inspection verification, and funds distribution processes.
   • Development Framework: Truffle framework for developing, testing, and deploying smart contracts.
   • Token Integration: Rentify Token serves as the medium of exchange within the platform.

5. Key Benefits:

   • Transparency: All transactions are recorded on the blockchain, ensuring accountability.
   • Security: Funds are held securely until all conditions are met.
   • Efficiency: The automated workflow reduces delays and manual intervention.
   • Fair Compensation: Brokers and inspectors are compensated directly through the system.