Propy, a recent ICO that provides a marketplace for international real estate, has unveiled the alpha version of its tool which permits property purchases on the Blockchain.
Using the Propy token (PRO) to unlock smart contracts, customers can expect to reduce execution time and minimise the risk associated with traditional property transactions. The company achieves this in part this through it partnerships with government registries which hold responsibility for creating and managing title deeds.
“Historic” Cross-Border Purchase
Propy-based registration takes place after a simple nine step process is followed to achieve completion within a transparent and secure smart contract.
The alpha platform will concentrate on California in the U.S. but recently the company completed a cross-border transaction of a Kiev property in conjunction with the government of Ukraine. Propy claim this is a historic first for the Blockchain.
A planned marketing campaign for Q1 2018 will see Propy venture into more global markets as well as offering purchases in USD.
Land and property registration blockchain solutions are considered by some analysts to represent one of the most promising avenues for restoring confidence to property markets, but largely in developing countries where corruption can be rife within public administration.
The blockchain’s ability to keep track of all changes and the source of those changes essentially removes the ability for bribed officials to suppress or modify existing title deeds.