Until recently, the world of real estate has been shockingly immune to technological advances. The internet has made it possible to advertise listings more widely. It’s helped agents and buyers to understand pricing trends more easily. But in terms of executing transactions, technology hasn’t had much of an impact. Real estate is still largely a local, face-to-face business. However, even those within the industry are realizing that this must change. They’re seeking ways to find new efficiencies in the real estate world.

Founded in 2016, Propy is a great example of a game-changing technology poised to remake the world of real estate. This innovative platform is already making big waves in the typically staid world of real estate. Propy is built on that incredibly buzzy technology of the moment, blockchain. Blockchain is great for anything involving transactions and financial applications. Blockchain essentially creates ledger entries, and then it secures them with encryption. This is the perfect technology for the contracts key to the real estate industry, and people are finally starting to realize that.

Propy is poised to change the way the closing process works in real estate transactions. Instead of a long, drawn-out process, Propy wants to make it easier than ever before to close on a property. At Propy, Chris Garrett, Head of Sales and Marketing, says that this platform can help buyers save up to 25% when it comes to closing costs. The writing on the wall is clear. People are going to love this technology. It’s already been used in over 600,000 transactions around the world. Recently, it even gained the endorsement of the National Association of Realtors. That organization’s tech investment fund has become one of Propy’s backers.

Propy works by centralizing services that brokers and buyers previously needed multiple providers for. That’s how they help save on transactional costs. Propy uses the same smart contracts pioneered by companies like Ethereum. This technology lets people make transactions on a peer to peer basis. They’re able to avoid the reams of paperwork that come with traditional real estate transactions. Propy also has a global footprint. In an industry ruled by the local, Propy can make transactions happen in Asia, Europe, the Americas, or any other location around the world.