Blockchain technology continues to find more uses within the real estate market. As the emphasis moves away from cryptocurrencies and onto other blockchain uses, several known companies are developing new ways for blockchain to showoff the benefits of working on peer-to-peer networks. Propy, a worldwide real estate platform uses their blockchain-based platform to conduct transactions for residential properties. Propy also recently announced they have finished their second transaction using their blockchain technology.
The property was sold for $917,00 in Daly City, California. While the payment was made in USD, the transaction was conducted on a blockchain-based platform. Even if the industry is still in its early stages, blockchain has proven efficient in ensuring trustworthiness and transparency in the real estate industry. This is especially useful because the home buying process isn’t as transparent as it ought to be according to the CEO of Propy, Natalia Karayaneva.
The first blockchain-recorded transaction by Propy was for 10 acres of land in Southern California. This transaction was done in BTC. It was on the headlines for weeks and it gave the public the opinion that Propy was only interested in making real estate transactions in cryptocurrencies. Speaking to Forbes contributor, Rachel Wolfson, Karayaneva said:
“Our mission at Propy is to automate the buying process in the real estate industry no matter how much is involved. We have integrated many money transmitters on our platform that allows us to accept both fiat and cryptocurrencies.”
Read more here
Join us in Bangkok the 19th to the 22nd of March for the Property Portal Watch Conference.