The first American property sold through a blockchain transaction on Ethereum in South Burlington, Vermont, putting the city on the map as a “global blockchain leader.”
Ethereum used for real estate transactions
South Burlington, Dubai and Kiev are part of a pilot program with the global real estate market, Blockchain Proppy inc. who handled the transaction.
Katherine Purcell signed the transaction late February through the San Francisco based Proppy which uses the Ethereum network to transact and record all contracts and documents instead of the city’s record system. Vermont is the first state in the US to allow this type of transaction.
Purcell spoke to Inverse, saying he was a little nervous about making a deal, but he was also excited.
“This kind of technology excites me, its encryption options are secure.”
While it was the first transaction based on Blockchain in the US for Proppy, last year they made the first blockchain based transactions in the world. In October 2017, the founder of Techcrunch, Michael Arrington, who also sit on board at Proppy, remotely bought an apartment in Kiev, Ukraine.
This is the first step in the planned real estate market an anonymous source on the real estate market. “This first agreement facilitates the rest of the world,” said the author in Zero Hedge. “In fact, Arizona and Colorado are next.”
Proppy took about $ 15 million when he launched the ICO of his PRO token, which is currently sold for around a dollar.
Real Estate will soon be based on Blockchain
Although it may be the first real estate transaction in the United States, which is completely concluded using blockchain technology, it is not the first real estate market using crypto-currency in the US.
Michael Komaransky, was an early player in the bitcoin market when he sold his mansion for 455 Bitcoin in the most expensive Bitcoin ever made.
Pacheco paid 17,741 Bitcoin, the equivalent of $ 275,000 for a condo. Both of these transactions have been translated only on Bitcoin, which means that they are not converted into currency (USD Dollars Etc.) in the transaction.
Though many would still shy away from making large real estate deals in cryptocurrency due to the volatility of the market the trends towards conducting the deals using blockchain technology is only beginning according to Proppy.
“The Proppy people were fantastic with whom I worked, and I read that this is the perfect solution for certain types of transactions.” Katherine Purcell told the buyer about her experience.