Smart contracts are self-executing digital contracts, written in a specific code, with the goal of exchanging an items value in real time. They are also known as Blockchain contracts, self-executing contracts and digital contracts.
Smart contracts employ Blockchain technology as a decentralized ledger where each of the contracts are stored in a replicated system and assist with the exchange of value in a conflict-free, transparent approach and without the use of intermediaries.
In real estate, smart contracts can assist with the exchange of a properties title or deed from one entity to another. Smart contracts can also help streamline the property listing process for real estate agencies.
Propify employs smart contracts to list real estate on its own Blockchain to ensure integrity and a faster, more secure transaction of listing a property.