US-Based Real Estate Platform Propy Brings Blockchain Technology To European Union
Blockchain technology has been adapted to many things, as real estate platform Propy demonstrates. This platform is meant to connect property sellers and buyers in a transparent method of transacting. However, on Tuesday, their reach expanded beyond the United States in a new blockchain-based real estate deal with the European Union (EU). The deal involves a Seville seller and a French buyer, using a smart contract with Ethereum.
Hopefully, this interaction makes it possible for Propy to make the real estate trade process simpler for those involved, which was demonstrated by this deal. Most traditional real estate investments are long and drawn out. When the idea of different countries with their regulations and real estate taxes come into play, the whole ordeal can become even more complicated than it should be.
By taking advantage of blockchain technology in this circumstance, each party is held accountable while the transaction itself is kept as a private interaction on the distributed ledger.
The CEO of Propy, Natalia Karayaneva, said,
“Blockchain technology continues to revolutionize the way people buy and sell properties across borders. The EU market can be a complex web of governments, brokers, and other entities making international property transactions difficult. Propy's blockchain-enabled platform removes complexity resulting in a simple online transaction that is easy to complete and secure.”
The seller involved with the aforementioned real estate deal, Miguel Prados Rodriguez, expressed his satisfaction with the way that the interaction took place.
“Propy made the entire process simpler than it would have been through a traditional sale. Their platform is user-friendly and gave me the peace of mind I needed to know the entire transaction was safe.”
Hopefully, this blockchain technology will help to revive the dormant EU real estate market, considering the interest that many US and China investors have in it. These types of investors are often looking at sea-view homes, and they now have the option of shopping for properties online, as well at buying them through Propy.
As with any real estate interaction, it is best to visit any house in person before it is purchased. However, the payment can still be made through the platform, eliminating the fees assessed by middlemen and escrow. Whenever a sale is ready to happen, the notary goes into Propy’s platform to verify the digital signature of the seller. As long as everything matches, the new ownership is posted on the database, along with the state land registry.
The ability to use blockchain technology for a cross-border real estate sale is a major milestone for both Propy, since it makes them a well-known name for the EU’s real estate market. Last year, the first property sale with blockchain took place for a $60,000 apartment in Ukraine. Next year, there’s no telling how far blockchain can extend its reach.