About the client:
Propy is a global real estate marketplace dedicated to solving the problems of purchasing property across borders. Propy aims to solve the problems of the real estate transactions by using a unified property store and asset transfer platform for the global real estate industry. The company’s goal is to bring together different parties – buyers, sellers, brokers and escrow, title agents, notaries by utilizing smart contracts on Blockchain to facilitate transactions. The Blockchain in real estate allows the reduction of said intermediaries to ensure faster and more secure transactions.
What was the problem:
Propy is trying to solve a few of the major problems that the real estate industry is facing. Namely, long transaction times, less efficient price discovery mechanisms, high fraud likelihood especially in land purchases.
What was the solution:
Blockchain is currently considered one of the most secure technologies for digital asset transfer due to its distributed nature and use of sophisticated cryptography. Smart Contacts, therefore, offer a solution for the management of real estate transactions via the introduction of a universal, distributed ledger that does not require trust in a single third party.
In order to help Propy establish their international marketplace and enable their users to buy property globally using an official ledger of record, we went through a few phases. To start with, we have developed Propy’s Global real estate page with a decentralized title registry that allows users to register, list properties, save favorite properties, share and buy them. We also developed a Transaction Platform (Transaction Tool) which is powered by smart contracts that gives the opportunity for users to buy properties using this transaction platform through Blockchain and real estate. The transaction platform is modular to allow regional governments to provide law and country-specific rules and regulations. We’ve developed vice features according to the users’ experience throughout the platform.
Technology: Blockchain and real estate
Industry: Real estate
Location: Palo Alto, California