Real estate on the blockchain is a much safer tech alternative than the current industry practices. Even so, there are still security concerns regarding cryptocurrency transfers that cannot be avoided. Scammers are coming up with new ways to compromise email and social media accounts to intercept wallet addresses, replacing them with their own. Thankfully, Propy has developed a way to secure transactions and verify recipients’ identities for safe crypto transfers.
Real Estate on the Blockchain: Making Cryptocurrency Transfers Safe
To solve the aforementioned problems and secure the transactions, Propy issues X.509 certificates. With these certificates, the wallet information is linked to the user’s identifying information. That way, it is always simple to verify the recipient’s identity. To issue a certificate, the platform first determines the user’s ID and asks the user to perform a small transfer. This transfer will verify the wallet and confirm that the user has access to the wallet’s private key.
From there, the newly issued certificate is signed by the certificate authority (CA). Both the CA’s certificate and the user’s certificate is linked to a certificate chain. X.509 certificates cannot be changed without breaking the certificate chain. Hence, it is completely safe to share them, even over a compromised network.
Real Estate on the Blockchain: Your Cryptocurrency Is Safe with Certificate Chain Security
How can anything be safe on a compromised network? Of course, when designing any security system, it is vital to assume that the system can be compromised at any moment. Therefore, one must build strong countermeasures to eliminate that. In Propy’s case, the team built additional security features into the verification services that will reveal fake certificates and automatically issue a revocation for the affected party, making all certificates issued by this CA invalid. From there, Propy terminates the CA node affected by this breach, and a new node is issued automatically.
Propy Makes Cryptocurrency Safe for Real Estate on the Blockchain
While Propy seems to be the “Amazon for Real Estate,” we can all agree that there are a few major differences. Most importantly, real estate deals involve lots of money. Along with this, there is a large amount of risk. Propy severely reduces this risk with its X.509 certificates and its “multisig escrow.”
Fraud and theft are human behavior. We can never eliminate this behavior. However, due to its advancements, Propy is the safest blockchain-based real estate platform for cryptocurrency transfers. It will continue to build upon this security in later years.