With the ever growing real estate industry, players are constantly looking for highly structured, efficient and secure data management system in which
With the ever growing real estate industry, players are constantly looking for highly structured, efficient and secure data management system in which to close deals. It is in that regard that developers have come up with a real-time database to enable investors and brokers connect easily. Propy is one of the startups that intend to simply sales between brokers and consumers. This California based company aims to achieve that with the help of Blockchain system.
Currently, the company has establishments in New York, Los Angeles, Miami, Dubai and Moscow. With the help of a Blockchain-based platform, consumers found in these cities can buy real estate properties by directly connecting with a real estate brokers in town.
How the Blockchain System Works
Propy development team currently uses the Ethereum Network to connect the industry players. This Bockchain-based network is stable and can perform smart contract settlements while replicating real estate transaction processes. Unlike conventional real estate transactions that require physical signatures, Propy’s smart contract settlement uses digital signatures to authorize or complete transactions.
The smart contract system aims at providing viable solutions that touch on legal, Blockchain and payments industries. And to ensure security of every transaction, Propy has made use of the Etherum system. The system utilizes a private cryptographic key to effect all transactions on the platform. That means all parties including buyers, sellers, brokers and notary must make use of the key when signing off any transaction.
Smart Contract Prevents Hacks and Data Manipulation
One of the biggest challenges facing developing countries is lack of a robust electronic property registry. That’s why many of the countries that fall under this category are still struggling with system hacks and manipulation. And that has led to increased corruption and fraud. In addition, lack of proper and secure registry systems makes the process of verification by brokers very difficult, particularly when dealing with land transfers.
There are also many cases of mismanagements, fraudulent settlements of registry and verification delays. That proves inefficient and time-consuming for investors and most of them won’t wish to go that route. However, the Blockchain-based system provides an immutable solution to dealing with these vices.
In essence, smart contract for real estate ensures the following:
- A sophisticated and secure registry system that makes verification easy
- Efficient property registry that facilitates faster transactions
- A robust system free from hack attacks, physical damage, fraud and corruption
- Database that’s replicated in thousands of servers for increased security of data
How Erethreum Hard Forks Can Help Improve Security
While there are Erethreum hard forks releases that are executed periodically, these series of actions is meant to improve on the security of the system. While the Erethreum system might be sometimes frustrating to the users and development teams, implementing hard forks ensures the network becomes mature and resilient to possible future attacks.
More Reasons to Use Propy’s Blockchain System
Propy system and database comes with additional security layers that are geared towards improving transactions as well as smart contract settlements. Hence Propy presents strong security measures that are beneficial to all parties using the database. And with such a solid platform, real estate transaction can be even faster, more secure and corruption-free.