NAR Joins the Blockchain Bandwagon
The National Association of Realtors (NAR) has taken a bold step into the world of blockchain by investing in the innovative real estate platform, Propy. In a move that could redefine the industry, NAR’s investment arm, Second Century Ventures, has opened its wallet, though the exact amount remains shrouded in mystery.
What’s the REach Program All About?
Since its launch in February 2019, the REach program has carved its niche as the first commercial accelerator of its kind in the real estate sector. With its mission to foster technology disruptors, NAR selects ten promising startups each year to accelerate their growth. Propy’s inclusion is no coincidence; it aims to hitch a ride on the blockchain tech train!
Why Blockchain? Why Now?
NAR sees the potential of blockchain not just as a buzzword, but as a game-changer in real estate transactions. According to Ashley Stinton, NAR’s senior marketing and communications director, blockchain’s immutable data storage promises to enhance operational efficiency and boost security in real estate deals. Forget about the tedious paperwork and the stack of documents; blockchain could streamline the process into a few clicks!
The Propy Effect
Founded in 2017, Propy is making waves by creating a global real estate transaction management platform that allows property transactions to occur online. Their self-sustaining ecosystem, sustained by the PRO token, aims to change how properties are bought and sold worldwide. Imagine flipping through listings in over 30 countries—it’s like eBay for houses!
No More Middlemen
One of Propy’s flagship features is its ability to eliminate the need for third-party intermediaries in real estate transactions. This not only fortifies security but also increases transparency, allowing buyers and sellers to interact more directly and confidently. The elimination of middlemen could save both time and money—who doesn’t like that?
Growth and Expectations
After raising $14 million through an initial coin offering (ICO), Propy sets its sights high, expecting to reach $4 million in annual recurring revenue by the end of 2019 through its software-as-a-service products. Talk about ambitious! As more users flock to their platform, Propy’s role in the future of real estate continues to expand.
The Future is Bright
With the NAR backing them, Propy looks poised to reshape the real estate landscape. The excitement doesn’t stop there; a pilot program in Vermont completed the first entirely blockchain-based real estate transaction in the U.S., showcasing tangible proof that blockchain is not just a fancy tech term, but a practical solution.
Concluding Thoughts
As the Enterprise Ethereum Alliance asserts, blockchain will shorten the recording and transferring processes in real estate. Who knows? Perhaps one day, buying a home will be as simple as hitting ‘purchase’ on your favorite online shopping site. Here’s hoping!
