Real Estate Blockchain: houses on the ledger
The real estate blockchain is one of the most imporant use case for the distributed ledger as it is a secure and efficient data management system that enable buyers to rely on a live network.
The California-based Blockchain startup called Propy aims at simplifying real estate sales for investors and brokers by using the ledger.
At the moment Propy is available in Dubai, New York, San Francisco, Los Angeles, Miami and Moscow, so users can buy and rent houses creating a connection with the real estate broker on a blockchain platform.
Ethereum network
Propy exploits the Ethereum network, the blockchain network based on smart contract development.
Using Ethereum Propy can replicate the traditional process of real estate transactions by using a safer ledger.
The development team of Propy spent lots of time and effort in designing a smart contract project to be applied on this business.
Real estate Blockchain: how to use smart contract
Propy’s Andrey Zamovsky explained that the world lacks of “proper and robust electronic property registry”.
Some countries that have a digitalized registry to delete data manipulation issues, so Zamovsky said that a blockchain-based platform can be a very useful tool to eliminate corruption. Also, the lack of sophisticated and secure ledger makes the verification process more difficult for brokers.
To avoid this potential issues on data mismanagement, government agencies often take a few weeks to verify ownership transfers, but this is inefficient and expensive method for customers.
Zamovsky explained:
“A lot of developing countries still don’t have any kind of electronic property registry or have very inefficient ones – vulnerable to corruption, physical damage, hack attacks and fraud. The Blockchain database is replicated on thousands of servers worldwide, so it will be close to impossible to lose registry data.”
To read more about real estate blockchain, click here.
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