Blockchain Real Estate Platform Celebrates First EU ETH Sale
United States blockchain real estate firm, Propy, revealed Tuesday that the very first signing facilitated by blockchain technology within the EU has been achieved. Through the platform, Propy was able to connect a France-based buy with a property on sale by a participant in Seville. Upon signing, the property was sold with one of the largest digital asset tokens, Ethereum, and the shift in ownership was handled via the Propy platform.
According to the blockchain Startup’s mission, the platform plans to offer a simple solution to real estate trade. Traditional investments pertaining to real estate tend to draw out extended processes, particularly when dealing with properties overseas many elements such as tax policy, currency conversions, and government regulations add to the complexity of each transaction.
Making Cross Border Property Sales Easy
By utilizing blockchain technology, Propy is able to improve transparency, deter fraudulent activity, automate transactions, and promote the proper complacency with associated regulation policies. Blockchain technology also facilitates necessary trust within the real estate industry via safely encrypted information stored in DLT.
According to Propy’s Chief Executive Officer, Natalia Karayaneva, the power of blockchain tech will continue to change and improve the method in which properties are bought and sold worldwide. She also explained that Propy has proven its ability to simplify complex processes associated with a mix of brokers, middlemen, and policy within the EU real estate market. In stead, the platform offers a secure and simple online-based solution for buyers and sellers alike.
The aforementioned property seller, Miguel Prados Rodriguez, claimed to be very satisfied with the transaction. He explained that the Propy interface was very user-friendly and provided safe and simple structure from which to carry out the sale.
The Future of EU’s Real Estate Market Lies With Blockchain
The Propy platform aims to utilize blockchain tech to revive the European Union’s real estate industry currently attracting buyers from both the United States and China. Typically, these investors are most interested in purchasing luxury properties valued at $200,000 who can now access listings and purchase all on the Propy platform. Although buyers are recommended to visit properties themselves, however payments are transacted through the company. This promotes the added benefit of cutting costs associated with intermediaries.
Upon sale agreements, Propy provides a notary in order to review checks on each seller’s digital signature. Once all checks are verified, property ownership is then recorded on the platform’s blockchain-enabled database as well as the state registry. The real estate startup celebrates the recent purchase as a major industry milestone for the EU market. Other overseas accomplishments facilitated by Propy include deals in Ukraine and the United States.