Propy, a Blockchain real estate startup has announced its new service that will completely secure and automate the real estate transaction process globally. Propy’s technology will allow countries to adopt a comprehensive real-time database for real estate, and implement the Blockchain ledger for land registries and title companies free of charge.
Propy, founded by CEO Natalia Karayaneva, is revolutionizing the real estate purchase and property transfer process, just like Charles Schwab completely transformed the stock brokerage business 20 years ago from offline to online trading. In particular, Propy leverages Blockchain technology to deliver the following benefits:
- Secure Asset Transfer: Propy facilitates absolutely secure transfer of assets by enforcing international data standards for property transfer and providing an additional standardized distributed ledger to the existing title registrars in the US, EU and other countries. With Blockchain technology, property title records cannot be manipulated or adjusted without consensus of all participants.
- Automated Transactions: Propy offers a complete search, evaluation and execution platform for cash property buyers. The platform will provide users with the ability to financially settle the transaction and receive the documentary evidence of a title deed on completion of the transaction – thereby completely automating the transaction experience.
- Cost Effective: By reducing the need for human interaction during the real estate transaction process, Propy enables investors to seamlessly buy and resell properties online while minimizing cost, error and fraud.
- Transparency: Propy applies Blockchain in real estate registries to allow countries to develop a real-time database of property title portfolios accessible by anyone or within a permissioned environment with read access for 3rd parties such as Propy. The global ledger will be extendable with nation-specific rules and regulations.
Currently one third of the world real estate transaction volume is cross-border, valued at $340 billion over the past year with an annual growth rate of 13% – and a significant share of capital is from China. However, there is no single tool to search for and transact real estate globally. “The explanation of the missing technology is that there is no international standard for an electronic property rights registry. Each state keeps its own register and establishes national rules of property deeds,” said Oleksii Konashevych, PhD researcher and legislative specialist at Propy.
“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,” said Alain Pinel, general manager of Intero Prestigio International and founder of Alain Pinel Realtors.
For more information on Propy, please visit www.propy.com and download the mobile application at iTunes.
Propy, Inc. is a cross-border real estate platform that connects real estate 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, in key markets around the world. By leveraging Blockchain technology for title deeds, Propy facilitates secure and automated online asset transfer for international property investments.