Propy uses blockchain technology to successfully complete two real estate deals in Japan
Property Technology firm Propy, a global property marketplace has announced the completion of two real estate deals in Japan, which were done on blockchain technology.
The properties are both residential lots in the popular St Moritz area of Niseko, Japan, and were purchased by Hong Kong based-investors leveraging the Propy blockchain network.
Propy’s platform is aimed at facilitating global transactions with secure communication channels between buyers, sellers, and agents, allowing contractual agreements to be completed remotely. The company’s goal is to streamline all real estate transactions by employing blockchain technology.
“We are actively signing up forward-thinking international real estate firms, to increase the volume on our Transaction platform. These two deals are what we feel are the first of many, as the next-generation of property transactions evolving around the world.” said Propy’s Chief Executive Officer Natalia Karayaneva.
Both of the properties were purchased using Japanese Yen, however with the Propy platform, the transactions can be made using multiple currencies, even Bitcoin and Ethereum.
Propy provides immutable ownership rights stored on a decentralized title registry, secured by code, rather than a paper or digital property deed stored on a central database.
Paul Butkovich, Sales and Operations Manager for Hokkaido Tracks Real Estate, emphasized the efficiencies which the blockchain brought to the property industry.
“I realized that my sales team could streamline communication with buyers, sellers, and lawyers into one user-friendly online platform. The ability to sign contracts and send value safely and securely is a major advantage Propy possesses when compared with the standard real estate sales process.” Butkovich said.
Adding to the Japan transactions, the startup has also conducted similar blockchain real estate transactions in California and piloted a decentralized title registry in Vermont.
Blockchains are not only able to accelerate data and value transmission but also secure it through decentralized protocols.
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