{"id":1574,"date":"2019-03-27T11:57:38","date_gmt":"2019-03-27T18:57:38","guid":{"rendered":"https:\/\/propy.com\/browse\/blog\/?p=1574"},"modified":"2025-08-27T02:31:26","modified_gmt":"2025-08-27T06:31:26","slug":"modern-day-real-estate-propy-conducted-first-auction-on-blockchain","status":"publish","type":"post","link":"https:\/\/propy.com\/browse\/modern-day-real-estate-propy-conducted-first-auction-on-blockchain\/","title":{"rendered":"Modern Day Real Estate: Propy Conducted First Auction on Blockchain"},"content":{"rendered":"\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/propy.com\/browse\/wp-content\/uploads\/2019\/03\/Blockchain-Powered-Real-Estate-Propy-Conducted-First-Auction-on-Blockchain-1024x5761.jpg\" alt=\"Blockchain-Powered Real Estate: Propy Conducted First Auction on Blockchain\" class=\"wp-image-1639\"\/><\/figure>\r\n\r\n\r\n\r\n<p><g class=\"gr_ gr_9 gr-alert gr_gramm gr_inline_cards gr_run_anim Grammar only-ins replaceWithoutSep\" id=\"9\" data-gr-id=\"9\">Blockchain<\/g> 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.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">What Are Some of the Firsts?<\/h3>\r\n\r\n\r\n\r\n<p>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?<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\"><li>On June 28 of last year, <g class=\"gr_ gr_184 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"184\" data-gr-id=\"184\">Propy<\/g> conducted the first blockchain-powered real estate auction.<\/li><li>It auctioned off a 16th century estate that the famous Giacomo Della Porta designed. He was a contemporary of Michelangelo.<\/li><li>This is the first time that Propy used an auction to sell a property.<\/li><li>Cryptocurrency was allowed for the first time in a real estate transaction.<\/li><\/ul>\r\n\r\n\r\n\r\n<p>Now, you know the firsts. Thus, you might be curious as to why Propy took this route. <\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Why Blockchain for Real Estate Transactions?<\/h3>\r\n\r\n\r\n\r\n<p>You might be wondering why <a href=\"https:\/\/propy.com\/browse\/wp-content\/uploads\/2019\/03\/blog.propy.com\">Propy<\/a> is using blockchain for real estate transactions. Well, above all, <g class=\"gr_ gr_68 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"68\" data-gr-id=\"68\">Propy<\/g> 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, <g class=\"gr_ gr_424 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"424\" data-gr-id=\"424\">Propy<\/g> is taking the lead.<\/p>\r\n\r\n\r\n\r\n<p>Besides aiming to become a market leader, <g class=\"gr_ gr_4 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"4\" data-gr-id=\"4\">Propy<\/g> 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.<\/p>\r\n\r\n\r\n\r\n<p>So, for these reasons, <g class=\"gr_ gr_10 gr-alert gr_spell gr_inline_cards gr_run_anim ContextualSpelling ins-del multiReplace\" id=\"10\" data-gr-id=\"10\">Propy<\/g> geared up for the first blockchain-powered real estate auction. Indeed, the auction was open to both luxury property investors and cryptocurrency holders. <\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>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&hellip;&nbsp;<a href=\"https:\/\/propy.com\/browse\/modern-day-real-estate-propy-conducted-first-auction-on-blockchain\/\" class=\"\" rel=\"bookmark\">Read More &raquo;<span class=\"screen-reader-text\">Modern Day Real Estate: Propy Conducted First Auction on Blockchain<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":1639,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[26,4106],"tags":[5606,2839,27],"yst_prominent_words":[5377,2817,5615,5626,5622,5620,5624,5618,5625,5621,5619,5376,5378,1392,847,374,5623,5617,854,4660],"class_list":["post-1574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-news","tag-auction","tag-blockchain","tag-real-estate"],"acf":[],"_links":{"self":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts\/1574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/comments?post=1574"}],"version-history":[{"count":1,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts\/1574\/revisions"}],"predecessor-version":[{"id":32856,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts\/1574\/revisions\/32856"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/media\/1639"}],"wp:attachment":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/media?parent=1574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/categories?post=1574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/tags?post=1574"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/yst_prominent_words?post=1574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}