CryptoProperties LLC – or “CPROP” for short – is aiming to deliver “unprecedented levels of trust and transparency” in the sector by removing “unclear and disjointed processes” that generate anxiety and frustration for buyers and sellers alike, such as repetitive paperwork that lead to unexpected delays and costs.
At present, the company claims paper-driven, offline closing processes are the norm worldwide. These “inefficiencies” can cause delays and in some cases, cause transactions to fail altogether.
CPROP plans its plug-and-play platform will be used by leading property portals and brokerages websites, with users guided through every step of buying a new home.
Blockchain technology will be used at key points in the process, such as when buyers are usually required to “hold” a property with a good faith deposit during the due diligence phase. CPROP says its platform would use smart contracts to establish an escrow – providing users with “maximum protection and peace of mind.” Blockchain would also be used to authenticate documents generated during a transaction, including deed-related records to provide a back-up to government property registries.