Propy has been highlighted in the University of Oxford Research study, “The Future of Real Estate Transactions.” The report describes inefficiencies in current real estate transaction and conveyancing processes in England and Wales. It also reviews technologies that will impact the future of real estate. (As a note, Propy was mentioned over 20 times in the study.)
Propy’s Role in the Future of the Industry
Propy is a leader in its use of smart contracts and blockchain technology as a way to streamline the real estate transaction process and store data securely. The platform uses automated algorithms that carry out payment processes and paperwork, instead of saddling humans with the same time-consuming task. The process eliminates fraud and human error.
So far, a number of property transactions around the world have been performed using Propy’s Transaction Platform. Our innovative transaction platform makes it possible for an individual to use traditional fiat currency and cryptocurrency to buy a property in hours (instead of weeks).
As the real estate industry catches up with the use of distributed ledgers, the volume of transactions completed using smart contracts will increase. Once property deals on smart contracts become the norm, industry dynamics will change for the better. Buyers and sellers will expect a significant decrease in real estate transaction times and costs. Simultaneously, they will also expect an increase in transaction security and fraud protection.
Thank you, University of Oxford, for mentioning Propy!