Propy, the world’s first international real-estate marketplace to utilize blockchain, has just launched the alpha open version of its blockchain-based transaction tool. This new transaction tool will allow individuals to buy and sell properties in California using Bitcoin (BTC). Propy allows users to purchase property online and is an excellent outlet for quickly transferring bitcoin wealth into hard assets.
Initially, Propy includes blockchain hashes of the deals into title deeds for recording in official land registries and then offers land registries to replace their databases with the decentralized Propy blockchain registry. The Propy team envisions that, ultimately, the Propy Registry will be adopted by many jurisdictions as an official ledger of record.
The execution of each purchase on Propy will involve the use of PRO tokens to unlock smart contracts.
Some key attributes of Propy include:
- Facilitates cross-border payments for users and assists with their documentation.
- It allows users to search for properties and brokers in global cities in their native language. Also, provides broad information about neighborhoods, such as walkability, air-and-noise pollution, and green building certifications.
- Integrates a blockchain ledger for governments to enable title deed issuance for properties instantly online, in a secure and cost-effective manner.
Propy recently entered into a Memorandum of Understanding with the government of Ukraine and completed a transaction in which a property in Ukraine’s capital Kyiv was remotely transferred on-chain and across borders, which Propy believes is historic for the entire Ethereum community.
With the launch of its new transaction tool, Propy will now make it possible to buy and sell properties in California for BTC by following a simple nine-step process. Payment in dollars will be available next year.
Expressing high expectations about the future of Propy, Andrew Baum, Chairman of the investment committee for CBRE stated, “It would be an enormous step forward if global real estate transactions were to be facilitated by a reliable, automated land registration and transfer system. Propy’s proposed use of blockchain might just offer the key that opens this door.”
Following the launch of its transaction tool, Propy is planning to start within the next week an education program for local brokers in California via demos and meet-ups. The company is also looking to start a comprehensive marketing campaign aimed at attracting actual home buyers. The team is currently working on a marketing plan that will be made public in January 2018. A substantial scaling of transactions is expected to take place in the first quarter of 2018.
Propy is inviting all buyers or sellers of homes (in cryptocurrencies) to contact them via Telegram and Reddit, or by visiting their website.