US-based Propy, a decentralized land title registry, has announced that it is partnering with the government of Ukraine to allow online real estate purchases by foreign investors for the first time. Pilot programs will be led by Propy in coordination with Ukraine’s Agency for E-Governance throughout the next year.
“Our ambition is for Ukraine to be one of the world’s foremost nations in establishing a comprehensive blockchain ecosystem, and the real estate sector forms an important part of our overall blockchain strategy,” commented Oleksandr Ryzhenko, Head of the State Agency for eGovernance of Ukraine. “Adopting the blockchain’s transformational technology will benefit all counterparties in real estate transactions through fostering greater transparency, efficiencies, security, and compliance.” To solve problems of real estate’s legacy registry systems and outdated property sales process, Propy uses smart contracts to track and execute real estate transactions according to regional regulations.
