Propy is a project looking to put property on the blockchain. It’s doing that through its global property store and registry service.
For an overview you can check out my first article on Propy here.
One of the key changes Propy will need to affect is working with regulators to put into place laws that allow the technology to be used in property deals.
The systems in place now are in some cases decades old and have not kept up with new technologies like the blockchain.
To that end Propy is trying to accelerate the process by talking to governments, local lawyers, and local real estate players before entering a market. So far they have developed a network in the UAE, UK, US, and China. Having governments accept Propy’s electronic title deeds as the primary source of deal completion and ownership is key to its success.
It’s a daunting task. In the US alone there’s over 3,600 counties, towns and other types of jurisdictions that record property titles.
This is exactly what Propy did for its first property sale in the Ukraine.
It started by talking to the Ukranian government. From those talks Propy was able to get a MOU, or memorandum of understanding, from the Ukraine government. And Ukraine changed its laws so that foreigners could purchase real estate in the country and that Propy’s title could be recorded in the Ukranian Land Registry.
CEO Natalia Karayaneva goes into detail about the transaction here.
Speaking of the CEO, here’s a recent interview with Arcane Bear.
If all works as planned this will be a no brainer for governments. They’ll no longer need to trust third parties like escrow and title companies. And records would be on an immutable blockchain.
What about you, would you buy property on the blockchain?
This is great. I would be nervous if I were in the escrow business. Blockchain technology coming to fruition.
Yea me too. Blockchain and real estate just makes too much sense. If govts are smart they'll adopt it quick, it'll make it a lot easier to collect property taxes.
That's my plan is to let my cryptos grow and then eventually buy real estate simply by exchanging cryptos. Would love to see how this coin develops into the future!
Me too... about the only thing I would spend my BTC on... I'm rooting for this one too!
Me three! But Im not sure governments will necessarily use Propy for their land registries.
Advise research with International Blockchain Real Estate Association: www.ibtcrea.org
Me four! I think they could make it happen as long as they can pick up enough traction. They're really going to have to prove the concept and avoid any major issues in order to get significant usage.
I think they're trying to get involved in the transaction side of things as well. This idea that we'll buy and sell property in 2 clicks because of block chain!
is an oversimplification at best (just my 2 cents)
wow...newly thinking..
good to share...
thank you
Cheers!
how can i buy?
You can get the PRO token on Liqui and EtherDelta.
ok
I love to see the block chain being used for a variety of things other than strictly crypto.
Yes, we need that to foster adoption.
nice information...like it.
Thanks!
That's great post cheers @g-dubs
Interesting idea, could be worth a lot if they pull it off.
The sonner people get accustomed to cryptocurrencies and blockchains, the sooner the focus will shift from the price of the particular cryptocurrency to the actual benefits they bring us.
I think 2018. is the year of ICOs, crowdfunding using ICOs is getting increasingly popular.
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We need a block-chain tech that can fund Property Ideas
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this is the future here