Property Technology firm, Propy, recently announced that two property deals were recorded on the Ethereum Blockchain in Japan. The deals were first of their kind in the Asia-Pacific region.
The properties are residential plots of land located in the popular St. Moritz part of Niseko, Japan bought by Hong Kong investors, the transaction was carried out on Propy’s Transaction Platform. The ‘Transaction Platform’, provides opportunities for cross-border settlements as all the stakeholders (buyers, sellers, agents, and lawyers) are able to communicate and sign contracts safely and securely.
The two properties were purchased using Japanese Yen but settlements can be made using various currencies, including Bitcoin and Ethereum, through Propy. Propy is unique as it provides immutable ownership rights stored on a decentralized title registry, secured by code, rather than a paper or digital property deed stored on a central database.
Paul Butkovich, sales and operations manager for Hokkaido Tracks Real Estate is in favor of the use of blockchain to record transactions.
“As I became more familiar with Propy, I soon realized that my sales team could streamline communication with buyers, sellers, and lawyers into one user-friendly online platform. The ability to sign contracts and send value safely and securely is a major advantage Propy possesses when compared with the standard real estate sales process,” he said.
According to sources, Natalia Karayaneva, CEO of Propy said,
“Our mission is to provide an easier, faster, and more secure way to purchase a property. We are actively signing up forward-thinking international real estate firms to increase the volume on our Transaction Platform. Hokkaido Tracks Real Estate, led by Paul Butkovich, is an innovator in the Niseko property market, playing a crucial role in displaying the immense benefits that Propy provides to not just agents, but all parties involved. These two deals are what we feel are the first of many, as the next-generation of property transactions evolve around the world.”
Image Source: Unsplash
Did you like the news you just read? Please leave a feedback to help us serve you better