California-based blockchain company Propy is working on its new service to simplify the sales of real estate with the help of blockchain, for both brokers and consumers, BlockchainNews reports.
The company utilizes blockchain technology for governments to make title deeds issuance for consumers’ property instantly online that is secure and cost effective. Propy integrates the Ethereum network in order to replicate the process of real estate transactions and its smart contract based settlement replaces physical signatures with digital signatures.
“A lot of developing countries still don't have any kind of electronic property registry or have very inefficient ones - vulnerable to corruption, physical damage, hack attacks and fraud. The Blockchain database is replicated on thousands of servers worldwide, so it will be close to impossible to lose registry data,” Andrey Zamovsky, Propy’s chief blockchain evangelist stated in an interview with Cointelegraph.
The Propy team has designed a smart contract system that innovatively combines solutions from legal, blockchain and payments industries. It uses Ethereum and allows each party including the broker, buyer, seller and notary to obtain a private cryptographic key to sign off a transaction. The platform demonstrates strong security measures for the parties involved by offering additional security layers for its platform especially for transactions and smart contracts settlements.
The key benefits of Propy are that it is cost-effective, provides automated transactions, provides secure asset transfers and exhibits transparency.
“Propy is set to unify and standardize property listings in global cities. With their ability to provide instant purchase deposits and manage transaction payments, Propy is automating the purchase process all the way to online title delivery. It is potentially a game-changer in our industry,” Alain Pinel, founder of California-based Alain Pinel Realtors, a luxury real estate company, to BlockchainNews.
Propy is now available in Dubai, Beijing, New York, San Francisco, Los Angeles, Miami and Moscow with plans to establish in other major global cities soon. The company is a cross-border real estate platform that connects real estate's investors and brokers worldwide. Through its web-based platform and mobile application, international property investors can access its revolutionary one-stop-shop to search for investment opportunities, especially sustainable real estate properties, across the globe.
