Propy Completes First Blockchain Property Transfer In EU Marketbr>
Blockchain startup Propy has completed its first blockchain-powered property sale in the European Union.
Propy is an international real-estate marketplace built on blockchain technology. It facilitates connections between the seller, buyer, realtors, title agent and/or notary to enable the seamless purchase of real estate online using the ethereum blockchain.
Propy’s first blockchain property transfer in the EU market took place in Seville, Spain and involved a French buyer and French seller. According to the company, both buyer and seller used the ethereum cryptocurrency to transfer property ownership via Propy’s transaction platform.
“I am very happy with the outcome of the sale,” said Miguel Prados Rodriguez, the seller of the property. “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.”
At present, issues in the real estate industry includes bureaucracy, mistakes in public record, lack of transparency, fraud, fees, the amount of time, and third parties that are involved in closing on a property. Propy claims that its platform simplifies the complex process and works within existing legal frameworks.
“Propy’s blockchain-enabled platform also reduces the need for costly intermediaries like escrow services,” the company said. “Plus, there is no need to print or scan any paperwork or visit banks, brokers or lawyers in person. When a transaction is performed, a notary logs into the Propy transaction platform and verifies the seller’s signature. At this point the ownership transfer is recorded both on the blockchain registry and state land registry.”
The company said the EU property deal turned out to be a great success for all parties involved and as a result, there is already another blockchain-powered property sale scheduled for upcoming months in Spain.
“Blockchain technology continues to revolutionize the way people buy and sell properties across borders,” said Natalia Karayaneva, CEO of Propy. “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.”