Propy held the first U.S. blockchain real estate deal

Founded in California by immigrants from Russia Propy company, which is engaged in real estate transactions on the blockchain, integrating in a smart contract buyers, sellers and other stakeholders, held the first U.S. trade: a resident of Vermont sold its land joint stock company.

The first U.S. real estate transaction on the blockchain was held without the participation of intermediaries and signing of physical securities. The government of Vermont is accredited and registered the transaction, smart contract, existing in the form of an electronic QR code which contained all the information about it. The value of the deal amounted to a symbolic $10.

«This is a historic moment for real estate industry in the United States and for the community of the blockchain as a whole», – said the founder and CEO of Propy Natalia Karanova.

According to her this is only the first steps of the blockchain on the US real estate market, in the future the blockchain will completely get rid of the old database and transfer all the information to the distributed registry.

According to the lawyer of the company, Gravel & Shea David Turland, it will take some time. He stated this after a meeting of representatives of FINTECH companies, government officials, financial regulators and lawyers of Vermont, who discussed this issue.

This is not the first real estate transaction on the blockchain of the company Propy. In September, she recorded the purchase of Michael Arrington in Kiev with the help of blockchain Ethereum and held the remote payment of $60 000, which was made in bitcoin.

«The future of the real estate industry is due to automation of the process of buying and selling. I’m sure a substantial role in this will play the blockchain and cryptocurrency payments», – said the head of the Propy.

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