Propy has announced its intentions to disrupt the $340 billion cross-border real estate, by moving its property store and title registry onto blockchain.
Built on Ethereum, the platform will use smart contracts to track and execute real-estate transactions as well as list property on a decentralised title registry.
The Propy Registry will use the PRO utility token to allow for a self-sustaining, international real estate ecosystem.
Solving inefficiencies for investors
The real estate has two central inefficiencies which routinely hamper international real estate investors: illiquidity and centralisation.
No international standards for electronic property rights transfers exist, and local legacy systems work for specific locales but struggle with regards to international ownership transfers.
By basing their platform on blockchain, Propy will allow all parties involved in international property transfers to sign off on transactions using private keys within their local frameworks.
The platform will require ERC20 PRO tokens for interaction, specifically when users register a change of property ownership. There will be 100 million PRO tokens made available to buy in PRO’s token sale, beginning 20 July 2017.
Propy CEO, Natalia Karayaneva, said:
“Propy is proposing a new decentralized global real estate market with a unified real-time transaction interface approaching the functionality and speed of electronic stock market exchange platforms.
“It will allow real estate assets to become liquid, while providing users with greater control and protection of their property rights.”