Blockchain-based Real Estate Transactions
Sector: Tertiary sector · Industry: Real estate agencies · Organisation: Propy, Inc. · Maturity level: Production
Propy uses blockchain technology and AI automation to digitize and simplify international real estate transactions. The company has processed over $4 billion in digital real estate transactions since 2017. The developed AI escrow officer Agent Avery reduces workload by 40% and automates about 70% of manual tasks performed by traditional escrow officers.
Documentation status
- Project status: Production
- Evidence: Evidence medium
- Editorial review: Ufuk Avci, 15 April 2026
Description
Propy was founded in 2015 by Natalia Karayaneva and Alex Voloshyn. In 2017, the world’s first legal real estate purchase on the blockchain was conducted on the Propy platform: an apartment in Kyiv, Ukraine, was fully digitally transferred via the Ethereum blockchain. Today, Propy offers full digitalisation of the real estate purchase process: offers, negotiations, due diligence, contract signing, payment processing, ownership transfer.
Traditional real estate transactions are paper-based, location-bound and take 30-90 days. Propy digitalises every step: buyers and sellers create accounts, offers are submitted and accepted digitally, contracts are signed with eSignatures, payments in crypto or fiat are made via the platform, ownership transfer is documented on the blockchain. The 2017 purchase in Ukraine was a breakthrough: a US citizen bought a Ukrainian apartment fully remotely via the blockchain, legally valid under Ukrainian law. Propy also conducted the first US-based blockchain real estate transactions (Vermont, 2018). Recent developments: AI Escrow Officer — an AI agent takes over traditional tasks of an escrow officer (document review, deadline management, communication between parties). 100 million USD expansion facility for further growth.
Perspectives
B2B — organisations perspective
Brokers, notaries and real estate companies can conduct cross-border transactions fully digitally via Propy — without physical presence, with blockchain-secured proof of ownership and drastically shortened closing times.
B2C — consumers perspective
Real estate buyers can purchase properties digitally from any country in the world — complete transparency over all steps, no hidden costs from intermediaries, ownership transfer in days instead of months.
Employees perspective
Employees are relieved from repetitive administrative tasks and can focus on higher-value advisory activities. AI support through Agent Avery reduces workload by 40% and enables more efficient handling of escrow processes.
Benefits
General
- Workload is reduced by 40% through AI-supported automation of escrow processes.
- Manual tasks are automated by up to 70%, leading to significant efficiency gains.
- Over 4 billion dollars in digital real estate transactions have already been successfully processed.
B2B — organisations
- Companies can process more transactions per year through reduced manual steps and automated workflows.
B2C — consumers
- Real estate buyers benefit from faster transaction times and reduced costs through automated processes.
Employees
- Employees are freed from repetitive tasks and can focus on value-adding advisory activities.
Challenges
General
- The American title and escrow industry is fragmented across almost 7,000 companies and traditionally resists digitalisation.
- Manual and fragmented workflows lead to high transaction costs of up to 10% of the property value.
B2B — organisations
- Companies must meet regulatory compliance requirements and train employees in new technologies.
Employees
- Employees must adapt to AI-supported workflows and develop new technical skills.
Technology foundation
Propy uses smart contracts on the blockchain to automatically and securely process real estate transactions. The blockchain acts as an immutable database for ownership transfers and ensures transparency and verifiability of all transaction steps.
Implementation examples
Propy's national expansion strategy
The fragmentation of the American title and escrow industry across nearly 7,000 companies leads to inefficient manual processes and high transaction costs. Propy aims to create a modern, AI-driven infrastructure through consolidation and digitisation.
Propy is implementing a national consolidation strategy through the acquisition of regional title companies and their digitisation.
Propy has secured a $100 million expansion facility and plans to acquire profitable mid-sized regional companies in California, Texas, Tennessee, and other states. The company has already completed a second $5 million acquisition and signed an acquisition letter for a third $6 million transaction. Approximately $75 million is currently in the active acquisition pipeline.
40% reduction in workload and 70% automation of manual tasks in pre-release tests of Agent Avery.
Manual and fragmented workflows are replaced by automated AI processes that eliminate 70% of manual steps. The workload is reduced by 40%, enabling acquired companies to handle more deals per year.
Tags
Smart contracts, AI automation, Real estate, Escrow, Digitalisation