It could have seemed impossible a few years ago, but now, all those who once piled into Bitcoin will soon be able to purchase and vend property in California using the most famous cryptocurrency in the world. Such dream will soon come true as the transborder real-estate marketplace Propy will implement its transaction instrument, based on the blockchain technology. The tool will let the customers enjoy the speedy transfer of bitcoin riches into the estate.
The company has notified that the alpha release of the blockchain-grounded tool is already functioning. Sure enough, this is good news for crypto traders, crypto plutocrats and all the people who endorse bitcoin as now each of them will be able to enliven their assets via purchasing properties for bitcoin.
Among the benefits of the Propy’s tool is that it decreases the fulfillment time as well as diminishes the risk of unfair recordkeeping in traditional ways of buying real estate, for example, hypothec processing.
How Will it Work?
Primarily, blockchain hashes of the deals are added into title deeds by Propy. This way they will be fixed in formal land registries. After that, Propy proposes land registries to substitute their databanks with the decentralized blockchain registry.
Finally, lots of jurisdictions will accept the Propy Registry as the official ledger of record. At least, that’s what the team believes in. The fulfillment of each case will comprise the applying of PRO tokens to unbolt smart contract.
Why This Technology?
When agreeing to use the services of such a marketplace as Propy, one will receive the help in conducting international payments as well as the help with paperwork. Moreover, Propy will work up a blockchain ledger for governments, so that it will be possible to issue title deeds for estate online as well as safely and efficiently.
It is important to mention that not long ago this company has become a part of the Memorandum of Understanding with the Ukrainian power. Since then it conducted a transaction in which estate in Kyiv was distantly passed on-chain and across frontiers. Propy considers that this event is unique for the whole Ethereum brethren.
Therefore, after Porpy implements the transaction instrument, based on the blockchain, it will be possible to purchase and merchandise real-estate in the US for bitcoin, tracking a mere process of nine stages. Interestingly, you will be able to make a paying in dollars in 2018.