Putting Property on the Blockchain, Propy (PRO) Part 2

Propy is a project looking to put property on the blockchain. It’s doing that through its global property store and registry service.

For an overview you can check out my first article on Propy here.

One of the key changes Propy will need to affect is working with regulators to put into place laws that allow the technology to be used in property deals.

The systems in place now are in some cases decades old and have not kept up with new technologies like the blockchain.

To that end Propy is trying to accelerate the process by talking to governments, local lawyers, and local real estate players before entering a market. So far they have developed a network in the UAE, UK, US, and China. Having governments accept Propy’s electronic title deeds as the primary source of deal completion and ownership is key to its success.

It’s a daunting task. In the US alone there’s over 3,600 counties, towns and other types of jurisdictions that record property titles.

This is exactly what Propy did for its first property sale in the Ukraine.

It started by talking to the Ukranian government. From those talks Propy was able to get a MOU, or memorandum of understanding, from the Ukraine government. And Ukraine changed its laws so that foreigners could purchase real estate in the country and that Propy’s title could be recorded in the Ukranian Land Registry.

CEO Natalia Karayaneva goes into detail about the transaction here.

Speaking of the CEO, here’s a recent interview with Arcane Bear.

If all works as planned this will be a no brainer for governments. They’ll no longer need to trust third parties like escrow and title companies. And records would be on an immutable blockchain.

What about you, would you buy property on the blockchain?

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