Propy Inc., a blockchain real estate company, has completed the first ethereum-based real estate transaction in the United States. The transaction was carried out by Katherine Purcell who accented to the deal on 20th Feb. according to the deed published by ZeroHedge.
Pursell’s statement revealed that she was excited about the transaction which was a lot, unlike the traditional real estate deals. While recounting her experience with Inverse, she said: “This type of technology excites me. Its encryption capabilities are top of the line in terms of keeping deeds and other documents safe.”
ZeroHedge reports that a Propy source, privy to details of the transaction described it as a precursor to a domination of real estate by blockchain. The source said that the deal makes it much easier for other states to iterate the process. In fact, Arizona and Colorado are next.”
The deal which was carried out in South Burlington, Vermont is part of a pilot program by the San Francisco-based Propy. The deal puts South Burlington, Vermont as a global blockchain leader alongside Dubia and Kiev are who are also taking part in the ethereum-based real estate pilot.
Propy pioneering blockchain-based real estate deals
Propy conducted the first ever ethereum-based real estate deal in Kiev last October by former Techcrunch founder. Propy’s Advisor, Michael Arrington purchased an apartment in Kiev for $60,000 using Propy’s PRO Token
The company which raised about $15 million in an ICO last year has a market capitalization of about $17.7 million. PRO token is currently valued at $1 while the company according to CoinMarketCap.
The possibility of Real-Estate on the Blockchain
Propy source indicated that Vermont is one of the first US states to allow listing of properties on blockchain.
Estonia, Sweden, Brazil and India are considering putting their land registry on the blockchain. Estonia has an e-Land Register backed by its KSI blockchain. Sweden is reportedly planning to sell its first property on the blockchain after trials last year. Blockchain seems destined to influence the real-estate sector as governments begin to weigh in on the benefits of a distributed ledger.