Propy has been highlighted in the University of Oxford Research study as “The Future of Real Estate Transactions.”
The report describes inefficiencies in current real estate transactions and conveyancing processes globally. 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 platform conducted the first real estate transaction ever sold and transferred on the blockchain, which has also been recognized by the University of Oxford Research. “Propy are one of several companies credited with the world’s first ever blockchain-based property transaction.”
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 University of Oxford Research study also mentions that as a blockchain-based transaction company, Propy always follows the real estate transaction structure and utilizes the blockchain technology to safely record every phase of the process “Blockchain-based transaction companies such as Propy are obliged to follow the existing structure of a real estate transaction while recording each phase in a parallel blockchain procedure.” This 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.
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