| Closed Blockchain Property Deal Signals New Era In Real Estate |
| By Barbara Pronin |
 Blockchain start-up Propy, a peer-to-peer real estate exchange platform built on blockchain technology, has executed its first bitcoin-to bitcoin, blockchain-recorded property transaction.
The deal announced in BlockTribune, a daily news and information site devoted to bitcoin and blockchain technology, involved the sale of 10 acres of land in Southern California.
For the uninitiated, blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record any financial transaction. Propy facilitates connections, often across borders, between the seller, the buyer, the REALTOR®, and the title agent and/or notary to enable the seamless purchase of real estate online using blockchain technology.
Propy reported that the California sale of 10 acres in Kern County was the first complete transaction fully executed on its platform. A California licensed REALTOR represented both the buyer and seller. The buyer paid the seller in bitcoin and every step of the transaction was initiated by smart contracts and recorded on the blockchain registry.
When the transaction began, Propy said, the REALTOR was in Hong Kong, the buyer was in New York, the seller was in Northern California, and the escrow agent was in the San Francisco Bay Area.
The title deed was recorded on the public Ethereum blockchain and on the Propy Blockchain Title Registry, which is available for deed recording by any customer, broker or title agent wishing to duplicate the encrypted information.
According to Propy, transactions executed on its transaction platform are legally binding, providing additional proof of ownership and safeguarding the transfer of ownership via traditional legal instruments.
As more consumers investigate blockchain technology and cryptocurrencies like bitcoin, the deal executed in California may signal a new era in both the real estate purchasing process on a global level and the management of public records.
For a better understanding of how it all works, go to BlockTribune,com, Propy.com, or Blockgeeks.com/guides.
Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.
This material is not intended to be relied upon as a statement of the law, and is not to be construed as legal, tax or investment advice. You are encouraged to consult your legal, tax or investment professional for specific advice. The material is meant for general illustration and/or informational purposes only. Although the information has been gathered from sources believed to be reliable, no representation is made as to its accuracy.
Click on any icon below to share this article:
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.
Copyright© 2024 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission.
|
|
