Hey everyone, as a community manager for Propy.com, it’s high time I started sharing new updates about the Project, and the implementation of Blockchain in the construction industry.
It’s only been a few months since the first blockchain real estate deal went through in California. Yet things have come a long way since then. Sellers can now receive offer letters directly from potential buyers, along with a personalized message. The seller can then accept or refuse the offer, or go back with a counteroffer. This is the same as a traditional sale, but without a third party filtering through the offers. Plus there’s no risk of a miscommunication.
This enabled the very first residential sale to go through. A Silicon Valley home—16 Glenbrook Ave, Daly City—was sold using Propy. It is the first sale to go through in regular US dollars and it’s the first property in the Bay Area to be sold on the blockchain. For Propy, it’s an honor to enable the first blockchain real estate deal in Silicon Valley — this is where our home is too. The seller accepted an offer for $917,000.
Look who moved!
Whilst we’ve been adding features and improving the platform ready for your next real estate deal, we had a little move of our own. Propy has new offices in the US and Bulgaria. Our team now has more space to work on groundbreaking products for investors all around the world.
If you’re a real estate professional and want to meet us in person, look out for details of our Real estate meets blockchain get together in the Events section below.
Our mobile app is now better than ever
We just updated our iOS app to 1.5. Did you try it out yet?
- It’s now easier to manage your wish list and list of favorite properties. Edit items, delete them, and keep your lists in better order. We’ve also improved the map view of the location for each property.
- If you sell a property and accept cryptocurrency, you no longer have to round down the price. You can sell at BTC 106.61 instead of BTC 106.00.
- Downloads and uploads now happen in the background, so there’s no disruption to your service. Even when you’ve minimized the app or your screen is locked.
We’ve fixed a few things and enhanced the design. Overall, you’ll have a far better experience using this superior version of the Propy app.
Propy introduces a new offer functionality
Once an offer has been accepted, everyone wants the sale to go through as quickly as possible. On Propy’s transaction platform there’s now an authorized administrator for every deal. They set up the necessary steps to get the sale through fast. For example, if the seller doesn’t want a deposit, they can instantly remove that step from the process. The administrator can also add or remove people from the deal or change their details. To save everyone a bit more time, we now generate a QR code as soon as the deal is confirmed. This takes all participants directly to the admin area.
Teaser! In the next transaction platform update, we’ll offer you more payment options, like “Buy now,” and integration for OFX money exchange.
It’s now way easier to update the Title Registry
Uploading property ownership records to our Registry used to be a bit of a pain. You couldn’t upload pages in bulk or make changes to them. Plus you had a few concerns about privacy. So we listened and revised the process. Now, when you add documents you can:
- Upload multiple pages or whole documents in one go
- Go back and make changes to the document, for example, if you find a typo
- Blackout sensitive information so it can’t be seen in a public search
The process is easier, but your records are still 100% secure. That’s because there’s a permanent and transparent record of their history. Every change that is ever made to these files, no matter how small, is recorded to the blockchain.
What else do you think we could improve? Tell our tech team
Propy makes itself accountable for meeting high standards
We’re pleased to announce that Propy is now part of the Ethereum Enterprise Alliance (EEA). The EEA has been established to build, promote, and broadly support Ethereum-based technology best practices, open standards, and open-source reference architectures.” The result will be better products for everyone in the long term.
The Board includes members representing Microsoft, Intel, JP Morgan, and Santander. We’ll use our membership to advance our knowledge, help to build trusted blockchain systems, then feed what we learn back into the development of Propy’s own platforms.