Blockchain-Powered Real Estate: Propy Conducted First Auction on Blockchain

Blockchain is an interesting technology, as it opens up new opportunities and new streams of revenue for businesses around the world. It also offers plenty of opportunities for real estate companies. Thus, Propy aims to lead the way in leveraging blockchain for real estate.

What Are Some of the Firsts?

When you hear that real estate transactions will use blockchain, you know that it is the first time that something like this will happen. What are other firsts?

  • On June 28 of last year, Propy conducted the first blockchain-powered real estate auction.
  • It auctioned off a 16th century estate that the famous Giacomo Della Porta designed. He was a contemporary of Michelangelo.
  • This is the first time that Propy used an auction to sell a property.
  • Cryptocurrency was allowed for the first time in a real estate transaction.

Now, you know the firsts. Thus, you might be curious as to why Propy took this route.

Why Blockchain for Real Estate Transactions?

You might be wondering why Propy is using blockchain for real estate transactions. Well, above all, Propy understands that blockchain is the future. Although the tech might be in its nascent stage, it is a disruptive innovation that can change the way that we conduct business and financial transactions in the future. So, Propy is taking the lead.

Besides aiming to become a market leader, Propy believes there are many advantages that come with using blockchain technology for real estate transactions. For example, the system automates the entire process; this includes the payment and the deed recordings. Indeed, such automation will lead to more transparency within the industry. In turn, this can lead to more growth and investments.

So, for these reasons, Propy geared up for the first blockchain-powered real estate auction. Indeed, the auction was open to both luxury property investors and cryptocurrency holders.