ProprHome to revamp the real estate sector using Ripple’s solution.
ProprHome has partnered with Ripple to give people new ways to buy, sell, and rent real estate properties in Portugal. According to an announcement, ProprHome will leverage Ripple’s XRP Ledger through an NFT solution to provide faster, energy-efficient, and low-cost transactions for real estate buyers and sellers.
👉This is interesting.👀@Ripple announces partnership with ProprHome: the real estate revolution
— ☀🌸Crypto Eri 214k Followers (beware of imposters) (@sentosumosaba) November 8, 2022
The rationale behind the partnership is to revolutionize real estate businesses and simplify the process of buying, selling, and renting properties. The partnership comes days after Ripple developers deployed non-fungible token functionality on XRP Ledger.
Reacting to the partnership with Ripple, John McCoy, CEO of ProprHome, said:
“ProprHome and our partner Ripple share the same vision of the tokenization of assets with functional utility. We see the potential of an online real estate market that leverages blockchain technology to improve real estate interactions dramatically.”
McCoy added that ProprHome had trusted XRP Ledger for more than ten years as its preferred blockchain for the company’s tokenization capabilities.
Ripple’s Tech to Simplify Real Estate Processes
ProprHome will mint real estate NFTs on the XRP Ledger to simplify how real estate customers communicate with their agents, make offers, and schedule visits. Once the service is live, real estate clients can control the offer and acceptance procedures in every related transaction.
Through ProprHome’s partnership with Ripple and its NFT utility, the company will offer different types of tokens, starting with utility tokens for digital property certificates dubbed DOC. It is noteworthy that DOC tokens are issued to customers who want to buy or rent a property using ProprHome.
The token will help clients bypass the time-consuming and complex verification and approval process required to own real estate properties. Furthermore, the token will give home buyers and lessees access to various utility services, including electricity, water, telecommunications, etc.
After DOC, ProprHome will also issue Propr (PRP), a form of reputational currency that real estate developers, owners, and agents can earn and exchange for additional exposure.
ProprHome’s Commitment to Revamp the Real Estate Sector
ProprHome is a real estate marketplace seeking to revamp the process of buying, selling, and renting properties in Portugal using blockchain technology. The major issue associated with the real estate business is found in the offer stage.
ProprHome leveraged XRPL to offer transparency and trust between real estate agents and customers to resolve this issue. All bids are recorded on the XRP Ledger to provide immutable and transparent data to all parties. ProprHome is educating its users about the new solution via a project dubbed “Customer Education-ProprHome.”