Propy, a blockchain-based real estate platform, has announced a partnership with one of the leading escrow providers in Japan. The goal of the partnership is to develop an international real estate transaction management solution in Japan. In collaboration with Escrow Agent Japan, Propy will launch a blockchain-based real estate transaction platform to record sales with Japan’s Legal Affairs Bureau. The companies aim to reduce the amount of time that real estate professionals spend on property registration processes at the Legal Affairs Bureau of Japan.
Partnership for Japan Market
The two companies will also cooperate on business development in Japan through EAJ’s H’OURS Operation Cloud. EAJ’s H’OURS Operation Cloud is a digital platform for handling real estate deals that removes the need for face-to-face meetings. EAJ will provide Japanese localization support to Propy’s platform.
Natalia Karayaneva, CEO at Propy, sees a lot of potential in the Japanese market. “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,” she noted. “By partnering with Escrow Agent Japan Co., we expect to get scaling in Japan. 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.”
Distributed Ledger Technology
Propy is a blockchain-based PropTech platform which uses Distributed Ledger Technology (DLT) in several key applications to streamline real estate purchases. In addition to providing functionality for standard real estate listings, Propy also supports several cryptocurrencies such as Bitcoin, Ethereum, Ripple, and its own PRO token.
Blockchain is used for various legal processes including smart contracts handling property deeds; payments; digital signatures; and what not.