The European Union (EU) has had its first blockchain-powered property sale in Seville, Spain, via Silicon Valley-based global real estate platform Propy, the company behind the sale has claimed.
According to Propy, the transaction utilized cryptocurrency (ETH-ETH) to transfer property ownership via its platform between a Spanish seller and French buyer.
Propy CEO Natalia Karayaneva said: "Blockchain technology continues to revolutionize the way people buy and sell properties across borders. The EU market can be a complex web of governments, brokers, and other entities making international property transactions difficult."
The service recommends interested buyers to visit the property in person but complete the transaction online. Once a transaction is performed, "a notary logs into the Propy transaction platform and verifies the seller's signature. At this point the ownership transfer is recorded both on the blockchain registry and state land registry", Propy explained.
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Seller of the property, Miguel Prados Rodriguez, said: "Propy made the entire process simpler than it would have been through a traditional sale. Their platform is user-friendly and gave me the peace of mind I needed to know the entire transaction was safe."
Integrating blockchain into the real estate industry aims to simplify the process of purchasing property across borders between buyers and seller from different legal frameworks. Propy said that the traditional process of purchasing a property can be complicated, expensive and also pose vulnerability to fraud incidents. The platform aims to assist consumers and government bodies streamline complicated real estate transactions.
The transaction in the EU marked a milestone for the company and said that it already has another blockchain-powered property transaction scheduled for upcoming months in Spain.