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What Does Propy Mean for Global Real Estate Community?
Blockchain Creates New Solution for Global Real Estate
There are a variety of benefits that Propy brings to both real estate and crypto. To understand these benefits, let us focus on specifics. The most important segment of the platform is the blockchain registry. At its core, the registry stores land records on the blockchain with the use of smart contracts. Between 2009 and 2016, international real estate transactions increased by 334%. With traditional methods, national laws added a great deal of confusion to the process. However, Propy’s system allows users to buy and sell properties completely through the blockchain. Hence, the process makes transactions more transparent and efficient.
Propy Brings Real Estate Revolution to the Public
Propy sold 16 million of its PRO tokens during its one-month token sale in 2017. Unlike the vast majority of crypto and blockchain startups, Propy has a real-world application and has demonstrated its usage multiple times. It was on full display in 2017, when Michael Arrington used it to purchase an apartment in Ukraine for $60,000. This impressive accomplishment shows how the app digitizes paperwork and payment.
With Propy, Real Estate Fraud Is a Thing of the Past
The real estate industry is very excited about eliminating fraud. On a larger scale, Propy clearly shows that digital assets can be transferred through the blockchain. With documents visible and shareable on the blockchain, there is no chance for manipulation or theft. The only risk lies in a security breach on the platform itself; so, Propy has taken advanced security measures to prevent such an event from happening.
Propy allows investors to move in and out of the market easily. Additionally, buyers and sellers have a more streamlined transaction process when they use Propy.