Real estate business in Europe is about to integrate blockchain technology for selling properties. A global real estate platform dubbed as Propy made an official announcement of using distributed ledger technology for property sale in the region of European Union. The company is a pioneer in the field of real estate blockchain trading and aims to resolve the issues related to the buying of a remote property.
Europe Blockchain Technology market is expected to grow at a CAGR of 52.4 percent during 2018-24. The new emerging technology is getting widely adopted among European countries due to mounting government initiatives planned to develop the technology coupled with rolling demand. (Business Wire)
The blockchain enabled platform of real estate business facilitates buyer, seller, realtor, title agent and notary at once streamlining the process of a seamless purchase. It is not just easy to manage but it is very efficient and secure in every aspect. For instance, Seville, Spain is one of the prime destinations of Europe’s real estate market which marks Propy’s official beginning to the EU territory. The buyers and sellers in this region used cryptocurrencies to make property transactions using the platform of Propy, according to PR News Wire.
Natalia Karayaneva, CEO of Propy stated that blockchain technology has transformed the entire operations method of buying and selling of a property. She further added that the European market is quite complex which involves various entities such as brokers, governments, and many others which make the entire process quite complex to deal with. The platform of Propy specializes in handling this issue by eliminating it completely from the chain making it look like a simple online transaction involving only two parties (buyer and seller).
Benefits Of Blockchain Technology
Investment in real estate business is a complex process as buying properties across borders involves different regulating authorities, jurisdiction, and varied tax structures. The existing method is not only tedious but quite costly and vulnerable to frauds. Such blockchain powered platforms not just simplify that works within full proof legal frameworks building a mutual trust between the seller and buyer. The immutable encrypted records on blockchain hold all the records and data in the safest possible way.
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