Cryptocurrency is all the rage as of late…
Transferring property is more difficult than ever before, from drawn-out transactions with dozens of middlemen to international deals fraught with bureaucratic red tape and corruption.
But could cryptocurrency simplify and secure the process—and save the entire industry?
According to Natalia Karayaneva, CEO of Propy —a global property store and decentralized title registry that completed the world’s first real estate transfer on the blockchain in September—cryptocurrency has the potential to make buying property as easy as going grocery shopping.
Here’s why the blockchain will turn around the notoriously outdated real estate industry:
IT PROVIDES IMPENETRABLE SECURITY
All deeds in cryptocurrency transactions are stored on the hack-proof blockchain—adding security to property deeds and creating an immutable record of the entire transaction.
IT SLASHES TRANSACTION TIMES
The blockchain’s heightened security allows it to eliminate third-party verification middlemen like escrow and title companies—making it drastically quicker to close a property deal.
IT SAVES HUNDREDS OF THOUSANDS OF DOLLARS
Fewer middlemen means less transaction fees—so common expenses like closing fees could be eliminated, allowing buyer and seller to walk away richer.