The first US property to be sold through a Ethereum-based blockchain transaction was successfully completed. The activity took place in South Burlington, Vermont, becoming thus a “global blockchain leader” city.
Proppy Inc. used the Ethereum network to realize the transaction
South Burlington, Dubai and Kiev have all become members of a pilot program based on blockchain property marketplace Proppy Inc.
Katherine Purcell signed the deal by the end of February with the help of Proppy Inc., based in San Francisco. It has used the Ethereum network to record and store all the official contracts and documents instead of choosing the local system. Vermont has thus become the first state to support this type of transaction.
Purcell related that she was enormously worried about the decision she has chosen but was also very excited at the same time. “This type of technology excites me. Its encryption capabilities are top of the line in terms of keeping deeds and other documents safe”, she spoke for Inverse Magazine.
Proppy isn’t at its first involving in this type of activity
This is the first success of its type performed in the United States, while Proppy is not at its first involvement in making blockchain-based transactions. The founder of Techcrunch Michael Arrington has managed in October 2017 to buy remotely and apartment in Kiev, Ukraine using a blockchain-based transaction.
“This first deal makes it much easier for the rest of the 49 states to iterate the process. In fact, Arizona and Colorado are next”, related Zero Hedge.
The buyer Katherine Purcell stated about her experience that “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.”.
According to Proppy Inc., the trend to use blockchain technology for any transaction deals is still in its young age and is going to blow the market in the future.