Propy takes holistic approach to solving real estate challenges with blockchain-based platform
When we talk about the potential uses of blockchain technology, the topic of real estate often comes up. This is hardly surprising, as the sector seems primed for blockchain-powered revolution. There are so many areas in real estate, from property listings through sales to transfer of ownership rights, which can benefit from targeted and holistic blockchain solutions. The latter is the approach taken by Propy, a property startup based in Palo Alto, California.
Insight into real estate
During a 15-year career in real estate, Propy’s CEO Natalia Karayaneva has been able to develop a keen understanding of the continued issues plaguing the sector. This knowledge has prompted her desire to improve the process of buying and selling property and led to the creation of Propy. Backed by prominent Silicon Valley figures, Propy has been on a mission to revolutionize the sector.
In search of a solution
Propy seeks to find a solution to some of the most pressing issues that the real estate sector faces today, such as lengthy transaction times, inefficient price discovery mechanisms and risk of fraud. The team at Propy came up with the idea to create a global platform encompassing various aspects of the property market. Blockchain technology was the clear favorite for building such a platform, due to its capacity to secure and preserve data, support trustless peer-to-peer networks, as well as a high level of programmability and automation through the use of smart contacts.
LimeChain leads development
With blockchain technology chosen to power the platform, Propy needed an experienced developer with deep expertise in the DLT field to spearhead the development effort. With a talented team of industry professionals, flexible approach to development and a large number of completed projects under its belt, LimeChain stood out as the perfect candidate for the job. Thanks to efficient planning and regular communication with Propy, our team was able to produce impressive results.
The LimeChain team developed a number of features to help bring to life Propy’s vision for an international marketplace. The team created Propy’s Global real estate page with a decentralized title registry allowing users to register, list properties, save favorite properties, share and buy them. We also built a transaction platform powered by smart contracts and designed to be modular to accommodate region-specific rules and regulations.