Propy, an online real estate company, has started offering title and escrow services on the blockchain for residential real estate transactions in Arizona, Colorado and Florida.
This builds on two trends in the real estate and mortgage industries: the growing use of electronic closings and remote online notarization in home sales and explorations in using blockchain technology in other parts of the process as exemplified by Figure Technologies, both through its partnership with mortgage servicing system provider Sagent and in the creation of MERS alternative Digital Asset Registration Technologies.
"We had already built the next generation closing platform in which smart contracts play the role of the escrow and title is recorded on the blockchain," Propy's founder and CEO Natalia Karayaneva said in a press release. "Launching the escrow and title business now brings us closer to our dream of closing more and more transactions in a secure blockchain environment.
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