Blockchain Integration For Major Property Portals To Improve Efficiency and Trust When Closing Real Estate Deals

A team of seasoned real estate entrepreneurs have created a Blockchain-powered transaction management platform that is designed to eliminate "Pain points" when buying and selling real estate.

At present, the company claims paper-driven, offline closing processes are the norm worldwide.

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.

CPROP says real estate agents also stand to benefit from its platform because it will be configured with standardized document templates appropriate for local jurisdictions and a user-friendly task management system.

The company says its plan to establish partnerships with existing portals and brokerages could amount to an "Ideal marriage of convenience." While CPROP would benefit from portals' existing web traffic and listings, these companies would retain their relationship with buyers through the closing, positioning for additional revenue opportunities while having the chance to "Differentiate their brand with a practical blockchain offering."

Positive reviews for demo platformCPROP says a recently launched demo website has been "Enthusiastically received" by property portals and brokerages - with the platform's development continually shaped based on feedback the company is given.

Beta testing is planned with "Multiple parties" this year, paving the way for a commercial rollout in 2019.While its initial demo is designed for the US, where real estate transactions are "Complex, legally intensive and costly," the company believes its platform can be easily adapted to other markets - and "Active discussions" are underway with property portals in Europe and Asia.One of CPROP's leaders, Adam Koehler, has enjoyed past success as a co-founder of Dotloop, another property tech company.

That company automated real estate purchase agreements - and it was sold to Zillow, a "Major world player," in 2015.The company's ICO is planned for May 21 to June 10.