Times Square, New York City. (Credit: Francisco Diez, overlay by Pixabay) The deal was worth an unsuspecting total of $10, but what it represents could disrupt the entire real estate industry worldwide.
The deal was part of a pilot program between a county in Vermont and San Francisco-based startup Propy, which is developing a blockchain-powered registry for real estate transactions. Blockchain technology allows for nearly instantaneous peer-to-peer transfers between networks anywhere in the world and tracks all transactions through an encrypted electronic ledger.
It is best known for facilitating transactions with cryptocurrencies, like Bitcoin, however Propy’s engineers are developing a registry for all aspects of real estate transactions (powered by the smart contracts feature of Ethereum’s blockchain platform) that is in line with local laws. Propy’s direct clients are governments and the real estate industry in a given location, and the parties of a transaction do not have to be paying in cryptocurrency.
The historic deal, which marks the first complete blockchain deal in the U.S., took place on February 20 when Katherine Purcell transferred her property in Burlington, VT to her LLC. It was a demonstration of how property records registered via the public Ethereum blockchain would be recorded and what the resulting documentation would look like — down to the QR code and the numerical address of the smart contract.
Yes, it was $10. Yes, Prucell still owns the same piece of land. Read more from therealdeal.com…
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