Back in October a flat in Kiev, Ukraine become the first property in the world to be sold using the blockchain.

The man who bought was Michael Arrington, founder of Tech Crunch. He paid $60,000 for property and the whole transaction was done using smart contracts on the Ethereum blockchain.

The company behind the transaction is [Propy]( https://propy.com/). And Arrington is one of its advisors.

<center> https://s17.postimg.org/6c66mtfxb/PRO01.png </center>

The problem with real estate now is that transactions are slow, records can be inaccurate, price discovery is not always efficient, it’s siloed by geography, and there’s no universal standards.

There’s an estimated $340 billion worth of cross-border real estate transactions done globally every year. Propy intends to make the process more efficient.

Propy’s goal is to build a decentralized, global property store. It’s available right now on the web and as an Apple app.

The online store relies on the Propy Registry, built on the Ethereum blockchain to track global real estate ownership.

It runs on the PRO token, a utility token that’s required for asset transfers and other on-chain events.

There’s a total of 100 million PRO tokens with just over 14 million in circulation according to CoinMarketCap.

You can check the [website]( https://www.propy.com/) for listings, it already has properties in New York, San Francisco, Beijing, and Dubai. 

<center> https://s17.postimg.org/6oxkt0t27/PRO02.png </center>

Propy provides all the smart contract architecture, in other words, the smart contracts needed to buy and sell a property like a title contract and a deed contract.

Propy makes money by taking a percentage of each transaction. It estimates the average fee is 1%. So there’s a lot of potential if it can capture even a small share of this market.

It’s important to understand the platform is not fully decentralized yet and still in development. For example, the global property store (the listings) are centralized. But the smart contracts on Ethereum are decentralized.

Also, from what I’ve read so far Propy is actively engaging with the government in each jurisdiction its in or planning to go in. That’s important if this is going to work. 

Anyways, this is an idea that makes a lot of sense. There’s more to it of course, if you’re interested in learning more check out the [white paper](https://tokensale.propy.com/Propy-White-Paper-17-Jul-2017.pdf).

I did sign up to the website and receive a PRO token. You can do the same. All you need to do after signing up is to set your Ethereum address.

Anyone investing in PRO tokens?
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