Ethereum was used for Real Estate Deal in the U.S.
Ethereum Used for Real Estate Deal
Katherine Purcell approved the transaction in the late February through the San Francisco based Proppy inc. Which utilizes the Ethereum system to execute and record all contracts and documents rather than the city’s record system. Vermont is the first state in the US to permit this type of transaction.
Purcell spoke to Inverse, saying she was a little anxious about making the deal but also excited.
“This type of technology excites me. Its encryption capabilities are top of the line regarding keeping deeds and other documents safe.”
While this was the first Blockchain based exchange in the U.S. for Proppy inc. They made the first blockchain based land exchange on the planet a year ago. In October 2017 TechCrunch organizer Michael Arrington who too sits on the board at Proppy remotely bought an apartment in Kiev, Ukraine.
This is in the initial phase of a prepared real estate take over said an unknown source at the real estate marketplace. “This first deal makes it much easier for the rest of the 49 states to iterate the process,” the source told Zero Hedge. ‘In fact, Arizona and Colorado are next.”
Proppy took in about $15 million when it started the ICO of its PRO token which is today exchanging at around a dollar.
Real Estate Will be Blockchain Based Soon
While this might be the first U.S. real estate entirely executed utilizing blockchain technology, it isn’t the real estate sold using digital money in the US.
Newsbtc gave an account of Michael Komaransky, an early player in the bitcoin market when he sold his Miami house for 455 Bitcoin in what as the time was being known as the costliest Bitcoin to Bitcoin real estate deal ever.
The first also operate in Miami was when Ivan ‘Paychecks’ Pacheco paid 17.741 Bitcoin, the equal of $275,000 for an apartment. Both deals were bitcoin to bitcoin only implying that there was never any change to fiat currency (US Dollars Etc.) in the exchange.
Despite the fact, many would still hesitate in making substantial real estate deal in cryptocurrency due to the unpredictability of the market the pattern towards organizing the arrangements utilizing blockchain technology is just a start as per Proppy.
“The people from Proppy were fantastic to work with; I’ve been reading that this tech is perfect for certain types of transactions. Real estate is one of them,” said buyer Katherine Purcell about her experience.