ProprHome has partnered with Ripple to provide new ways for people to buy, sell, and rent real estate in Portugal. According to an announcement, ProprHome will use Ripple’s XRP Ledger via an NFT solution to provide real estate buyers and sellers with faster, more energy-efficient, and lower-cost transactions.
The partnership’s rationale is to revolutionize real estate businesses and simplify property buying, selling, and renting. The collaboration comes just days after Ripple developers added non-fungible token functionality to 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.”
For over ten years, McCoy added that ProprHome has relied on XRP Ledger as its preferred blockchain for the company’s tokenization capabilities.
Ripple’s Technology Will Simplify Real Estate Transactions
ProprHome will issue real estate NFTs on the XRP Ledger to help customers communicate with their agents, make offers, and schedule visits. Once the service is operational, real estate clients can control all related transactions’ offer and acceptance procedures.
ProprHome will offer various types of tokens through its partnership with Ripple and its NFT utility, beginning with utility tokens for digital property certificates known as DOC. It is worth noting that DOC tokens are given to customers who use ProprHome to buy or rent a home.
The token will assist clients in avoiding the time-consuming and complex verification and approval process required to own real estate properties. Furthermore, the token will provide access to various utility services, such as electricity, water, and telecommunications.
ProprHome will also issue Propr (PRP) after DOC, a type of reputational currency that real estate developers, owners, and agents can earn and exchange for additional exposure.
ProprHome’s Commitment to Transforming the Real Estate Industry
ProprHome is a real estate marketplace that uses blockchain technology to reinvent the process of buying, selling, and renting properties in Portugal. The main issue in the real estate business is found during the offer stage.
ProprHome used XRPL to provide transparency and trust between real estate agents and customers to resolve this issue. All bids are recorded on the XRP Ledger to provide all parties with immutable and transparent data. ProprHome is in the process of educating its users about the new solution through a project called “Customer Education-ProprHome.”