BBC: will blockchain disrupt agents and notaries?

Well fans of Blockchain technology say it has the potential to disrupt many industries from shipping logistics to digital payments and in the real estate sector some companies are developing smart contracts that can let users buy and sell properties without all the middleman like title companies or attorneys. My next guest says her company aims to be the Amazon for the real estate industry, an online marketplace where anybody can buy a property online. But automating the entire process is not an easy feat. Can it actually be done? Joining us now is Nataliya Karayaneva founder and Chief Executive of Propy. Thank you so much for joining us Natalia. You are getting into disrupting the real estate market. How are you doing it? Thank you very much for having me. We are based in Silicon Valley and we are using the latest cutting edge technology to automate real estate transactions especially blockchain. This is a great technology that allows us to bring transparency and liquidity to the real estate trading process. So what are the middlemen, what are the agents saying that you’ll be cutting them off eventually from the system? Brokers and title companies are calling us and saying: “Hey, we know blockchain will disrupt us, please let us be a part of the process.” And so far they play a great part in helping us to close transactions. So they actually enter Propy to close transactions and they do the same work they did before, but they do it electronically. So a buyer when they enter and want to close a transaction, they fill out the same paperwork but electronically they do paperwork like payment all in one platform. But there is a lot of risk here Natalia, a lot of information on Blockchain technology and of course we’re increasingly seeing episodes of companies being hacked for their digital data. Is it safe, putting all of your information in this Blockchain technology? That’s true, this is where, again, blockchain has a very important role, because conventional companies often have those single entities that control and secure data and this data is often being breached by internal employees. Where in case of blockchain, which is a decentralized way of storing data It’s impossible to change old historical data without anyone noticing it. That’s why its called a chain. In your recent blog you mentioned there have been a lot of inquires particularly from Chinese clients a lot of them are buying here in Singapore, in the United States and in Europe. But despite this you have capital controls in China and a ban in cryptocurrency. Are you having some difficulty here? No we have an increasing number of Chinese buyers willing to find their home on Propy and to close a transaction, because high net worth individuals in China already have their money out of the country. But there is also the middle class in China which are willing to spend $50,000 within capital control or 100,000 thousand dollars for a capital and we have amazing properties in Ukraine, Bulgaria, Eastern Europe. Thank you so much for joining us and good luck with Propy Nataliya Karayaneva.

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3 thoughts on “BBC: will blockchain disrupt agents and notaries?

  1. Decentralization is a myth. Eventually the big bankers will control all digital money, which is why they are behind it. END OF CASH is what they want. It will take huge storage capacities to store all the blockchain transactions, which only big companies will be able to afford.

  2. That was very clear point you made about Blockchain (2:21); that "it is impossible to change any historical data without anyone to notice it." I will caption you in that on my social media. Thank you and good luck on what you're doing. You have a lot of support over here.

  3. This is going to be BIG!!!! I’m a home owner and I know how scary it is to buy a house in regards to all the steps you have to take to purchase a house 🏡 Propy is STRESS FREE home buying !!!.

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