Well-renowned industry disrupter Propy recently completed the first real estate transaction in Vermont, performed entirely on Blockchain, the company announced.
Propy is a property listing platform, transaction platform, and decentralized registry that helps eliminate fraud and accelerate real estate transactions.
In 2015, CEO Natalia Karayaneva founded Propy after being constantly frustrated by real estate transactions; Karayaneva believed these transactions all over the country were too time-consuming, too costly, and ripe with fraud.
Karayaneva saw blockchain as a way to solve those very problems and open doors for buying and selling internationally.
The groundbreaking Vermont transaction—the first of its kind—has the industry buzzing about the potential this brings to the world of real estate transacting.
Both parties involved in the Vermont transaction completed three distinct tasks, all on
While the accomplishment is more than noteworthy, many real estate professionals may be unclear as to what exactly blockchain is and does.
What is Blockchain, Exactly?
Blockchain aims to redefine how both day-to-day and large-scope transactions are made.
Originally created a decade ago in support of Bitcoin, a cryptocurrency, blockchain has grown into a multi-million dollar spectacle seemingly overnight. Hundreds of companies, millions of fortunes, and billions of investment dollars have been gained and lost at the hands of Blockchain, which allows for individuals and corporations alike to transact without the need for an intermediary.
In other words, blockchain creates an A-to-B path for both seller and buyer without the need for credit card service companies, banks, stock exchanges, and government organizations—all of whom can contribute to monies moving more slowly and being less liquid.
While blockchain is a beacon of innovation, real estate is not exactly an industry known for keeping on the cutting-edge of technological growth and change. In many ways, real estate is far overdue for innovative and fresh methods of transacting. Blockchain could pose a perfect solution going forward, but we don’t see it becoming commonplace for years to come.
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