Global Real Estate Platform Completes Sale Of $1M California Home Using Blockchain Technology Posted on : Feb 07 - 2019

As the blockchain and cryptocurrency space shifts away from failed ICOs (initial coin offerings) and over-hyped use cases, the companies that continue to flourish in 2019 will begin to demonstrate real-world applications of blockchain technology.

A number of leading organizations are already proving the capabilities of operating across decentralized, peer-to-peer networks. For example, Walmart and Dole are partnering with IBM to use blockchain technology to trace food supply chains. Google is also showing signs of interest in blockchain.

Adding to the list of impressive use cases is Propy, a global real estate platform that utilizes blockchain technology to conduct residential property transactions. Announced today, Propy has completed its second blockchain-recorded property deal in California. The home, located in Daly City, sold for approximately $917,000. And although the property was purchased in U.S. Dollars, each step of the transference was executed via Ethereum smart contracts, making this the first residential transaction to be fully executed on a blockchain platform.

Over the past two decades, Silicon Valley has become one of the world’s hottest property markets, denoting the perfect example for a market where high levels of trust and transparency throughout the transaction process are paramount. While still considered a nascent technology, the utilization of blockchain is the optimal trustworthy way of streamlining the lengthy and non-transparent process of buying a home. We look forward to facilitating hundreds more of these transactions in the near future, easing the process of buying a home for all parties involved,” said Natalia Karayaneva, CEO of Propy.

Propy’s first property transaction was for 10 acres of land in Southern California, which was purchased entirely with bitcoin. While this was revolutionary, it also portrayed the image that the company was strictly focused on real estate transactions using cryptocurrency.

“Propy’s mission is to automate the entire real-estate purchasing process no matter what payments are involved. We have since integrated several money transmitters onto our platform, allowing us to accept both cryptocurrency and fiat payments,” Karayaneva told me.

Over the last few months, a number of deeds have been recorded by Propy on the Ethereum blockchain. This recent transaction, however, is the first to utilize blockchain for the offer submission. The transaction was anchored and verifiable on distributed ledger technology, allowing all parties to have an entirely holistic view of the complicated process at all stages. View More