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California-based blockchain startup Propy, is bringing the commercial use of blockchain technology to the US. After facilitating the first US Blockchain-based real estate deed in Vermont, Propy announced a new open source Developer Program.
The idea behind Propy: it allows anyone to buy or sell real estate, anywhere, online. Propy provides an efficient crypto and fiat payment and an immutable record on the blockchain, ensuring that title deeds and property rights will be there forever.
In March 2018, the San Francisco based firm completed its very first government-sanctioned use of blockchain for a public service in the US. That is, in fact, their second global achievement, after the first ever purchase of property using blockchain in Kiev, Ukraine, back in September 2017.
Propy Platform consists of three systems, two of which are powered by Ethereum smart contracts and require PRO tokens. To further develop the Decentralized Registry, Propy is announcing a Developer Program – designed to encourage blockchain developers and researchers to build efficient solutions for the real estate market, on top of Propy’s registry. The first phase of the program will be: localizations for the Title Registry, a Blockchain Property Explorer, and “Title Mining”. In a recent blog post, Propy describes how the Title Mining protocol will allow users (Title agents, lawyers, notaries, and real estate professionals) to “mine” title history — which means that they will digitize title records and store them on blockchain, a critical measure for those locations where the records are vulnerable to political regimes, corruptions, and hacking.
In the US real estate buyers lose over $900m annually in real estate fraud and pay more than $10bn for title insurance due to inefficient property data access. Propy aims to increase efficiency and security in the public sector.
“We’re ready to help US counties and other countries set up the blockchain registry for free. The developer program helps us accelerate the platform’s growth and ultimately give more governments the chance to integrate their land registry on Blockchain” expressed Propy’s CTO, Alex Voloshyn.
Participants in the Developer Program will receive multiple benefits and grants in PRO. The first whitelisted group of developers will receive a grant, that will be announced on Propy’s telegram channel: https://t.me/propy
Propy is a global real estate store with a decentralized title registry. Propy aims to solve the problems facing international real estate transactions by creating a novel unified property payment solution and asset transfer platform on blockchain.
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