Generally speaking, when people think of blockchain technology, they think of cryptocurrency. While that is a fair assumption to make, a new shift in the industry is taking place. No longer is blockchain technology only associated with failed ICOs and wildly idealized use cases. Now, real-world applications of blockchain technology are beginning to weave their way into established industries.
For example, global real estate platform Propy is using blockchain technology to manage residential property transactions. Besides competing with big names in online real estate like Zillow, Propy gives us a glimpse into the future of “decentralized real estate.”
Propy Is the “Amazon of Real Estate”
When it comes to new subjects, many like to make comparisons to familiar subjects. In this case, we can state that Propy is akin to the “Amazon for real estate.” Let us think about what makes Amazon so popular. Sure, its product supply is definitely attractive, but people mainly go to Amazon for the safety and the reliability of a transaction or purchase. The same goes for Propy. Users want safe and secure transactions when they buy properties. That is what Propy and blockchain technology can offer.
Using Blockchain Technology to Minimize Risk
In most scenarios, a real estate purchase involves three key things:
- Signing a purchase agreement
- Making the payment
- Getting the title deed
With the aid of smart contracts, all of the steps in the buying process are automated. After the buyer signs an agreement, the buyer proceeds to the payment; then, the buyer goes through the title recording and proof of ownership process. The buyer can see the required steps in real time, and there is complete transparency for everyone involved.
If something happens in the future, blockchain technology serves as an additional layer of security. All transactions that occurred during the process are recorded on the blockchain and are visible to all parties that should have access to the documents. Smart contracts will become non-manual e-escrow services; for now, e-escrow services are all manual and expensive. The new technology will help to minimize fraudulent risks.
Opening Doors to the Eyes of the World
Aside from increased security and reliability, one of Propy’s largest advantages is worldwide exposure for both home sellers and agents alike. Unlike Zillow, Propy is an online marketplace internationally available for people from day one. With increased exposure and more convenient payment options, the opportunities to sell or to buy properties increase dramatically.
It’s Not Only About Cryptocurrency
As stated earlier, there is a transition taking place in the realm of blockchain technology. You do not have to use crypto to use blockchain technology. Similarly, on Propy, you do not have to purchase a house by only using cryptocurrency. You can reap the benefits of blockchain technology in other ways.
Very expensive data is being exchanged between buyers, sellers, agents, and many other middlemen. Blockchain has the ability to bring about the decentralization of data and to not make third parties own this data.
For example, let us look at Propy’s Crypto Certified Agent Program. This feature allows agents to receive a “crypto certified badge” after completing a transaction through the platform. Furthermore, there are many opportunities for agents to earn Propy’s native tokens (PRO token is tradable on exchanges such as Bittrex and Huobi) which helps them to unlock a series of account benefits; these benefits include increased exposure, featured listings, and more.
As blockchain technology evolves, we will see more companies like Propy demonstrating tangible use cases that work within the existing infrastructure.