US-based firm Propy, which provides a real estate platform that connects property buyers with sellers, announced on Tuesday its first blockchain-based real estate deal in the European Union. The parties involved in the deal, with a seller from Seville and a French buyer, used Ethereum – the second largest cryptocurrency by market cap, to move the property’s ownership through Propy’s platform.
The transaction platform provided by Propy aims to simplify the real estate trade processes, which was proven with the current deal. Traditional real estate investments involve multiple time-wasting processes. If the trade is carried out across borders, then it should also consider the differences between countries’ regulations and taxes, which makes the operation even more complicated. Propy leverages blockchain to automate processes, ensure transparency, preve...
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