As the source reported, the Palazzetto inside the Palazzo Albertoni Spinola is appriciated to be a Unesco heritage area. The architect Giacomo Della Porta constructed it in the early 1600s. The property is presently valued at $42 million. Because of the partnership with Propy now interested parties not only can ask the cost on the property in fiat currencies but also in cryptocurrencies. The bids are to be received until June 28, as claimed by Propy CEO, Natalia Karayaneva.
Karayaneva affirmed that the auction is offered to be a unique possibility to record the sale of a historic construction on a blockchain technology. Real property applications of blockchan were aware to be still in early stages.
It is not a transfer test of a couple dollars-worth of value, or questionable digital collectibles - but a multi-million dollar deal where lack of transparency can result in a significantly worse deal for the investor or seller.
The CEO also declared that she hopes to see more real estate deals based on blockchain in the future. Karayaneva pointed out the significance of the security and the reputation behind the technology that can convince buyers about not risking their funds.
The process of buying real estate today is non-transparent and non-secure even in the U.S. The bidding mechanism of providing offers blindly is very manipulative. This is why it is important to not only automate payment and title deed recordings, but also to automate the auction and offering mechanisms.
Blockchain technology provides the opportunity to make the process of purchasing buildings more operative. As the property transactions are automated, the appropriate fees are decreased; and so the homeowners can prove their property rights.