Propy Captures Japan’s Initial Foray Into Blockchain Real Estate
Propy notched yet another milestone for blockchain real estate when it witnessed the closing of two blockchain-recorded deals in Japan. The deals, according to Cryptoninjas, carried the distinction of being the very first in Asia. These properties were located in the St. Moritz neighborhood in Niseko, Japan.
The buyers are a group of investors from Hong Kong. The deals of the transaction were done using Propy's Transaction Platform, a program that is suited for cross-border deals, as it had been created that way. Its strategic functionality was designed to accommodate all parties in the transaction to securely communicate and sign any contracts included in the deal.
Natalia Karayaneva, CEO of Propy, said that the company is constantly looking for an easier, faster, and better-secured way to complete a property purchase. The company has been looking for real estate firms who believe in their vision of forward-thinking and innovation. Hokkaido Tracks Real Esate, led by Paul Butkovich, has been singled-out by Karayaneva as one such company.
Blockchain in real estate isn't the only big thing in the Japanese real property landscape. According to Coin Telegraph, blockchain app MoneyTap has created enough buzz, resulting in investments from 13 different local banks. The app was co-developed by Ripple and SBI Holdings.
The Japanese financial services giant has revealed some of the banks that have joined the project as shareholders. Some notable banking companies are the Kiraboshi Bank, Shinsei Bank, and Hokuriku Bank. Ten other local financial firms have joined the project in the same capacity as these named companies.
MoneyTap was designed as a way to quickly and securely transfer money between mobile users with the aid of Ripple's homegrown app, xCurrent. The blockchain platform is set to receive the promised investments from the Japanese financial firms later in the year,
These banks are going to cooperate among themselves to make it easier to create domestic bank-to-bank transfers. The end-goal of the project is to create a banking infrastructure (with remittance in mind) that operates 24-hours without the need for human interaction.
Propy and MoneyTap are proof of how blockchain has effectively become a mainstream app in recent times. Security and efficiency are some of what blockchain brings on the table, and in the realm of real estate and banking, these are highly sought-after. It ensures the constant inclusion of blockchain platforms in the discussion for more effective financial processes.