Propy Introduces Blockchain-Powered Real Estate Technology in Japan

Asia Blockchain Review
September 15, 2019
Propy Introduces Blockchain-Powered Real Estate Technology in Japan

Propy, a blockchain startup headquartered in Palo Alto, California, announced its partnership with Escrow Agent Japan (EAJ), the biggest escrow service provider in Japan

The partnership will introduce the startup’s property technology (PropTech) services in Asia, according to a recent report by National Mortgage Professional Magazine.

PropTech Platform Expands to Asia

Propy revealed that the partnership with EAJ is the firm’s first step in expanding to Asia. Prior to the announcement, Propy received an investment from Second Century Ventures — a fund with a focus on real estate technology that is supported by the National Association of Realtors. 

Propy CEO Natalia Karayaneva expressed confidence in the Japanese real estate market, especially in combining it with the use of distributed ledger technology (DLT).

“This year in April, we introduced our technology to the Japanese market for the first time by successfully completing two blockchain-based real estate deals which validated the flexibility of the platform for its future global expansion,” Karayaneva said. 

“While we’ve been focusing on the US market, the Japanese market, being historically innovative, is a natural choice for the first step in global expansion.”

Bringing Blockchain & Digital Assets to Real Estate

Apart from providing functionality for real estate listings, Propy can support various cryptocurrencies and uses distributed ledgers for legal processes, including smart contracts to manage payments and property deeds. 

The company is present in many countries worldwide, from the United States and Japan to  Spain, Bulgaria, and Ukraine. 

Earlier in February 2018, Propy carried out a pilot project with the City Clerk’s Office of South Burlington, Vermont to use DLT in recording real estate conveyance documents. The transaction was successfully executed on the Ethereum blockchain.

Source: https://nationalmortgageprofessional.com


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