In September 2017, a house was sold on the blockchain technology for the first time. The property is a flat with a price of $60,000 in Kiev, Ukraine, reported New Scientist. The transaction was facilitated entirely through Ethereum using cryptocurrency.
Instead of paper contracts and fiat money exchanged, the founder of tech news site TechCrunch, Michael Arrington, bought the home without any hustle and without visiting the country, with the help of smart contracts and Ethereum.
As previously discussed, blockchain is now disrupting the real estate market in a rapid speed, with contracts, buyers, sellers and arrangements being eased by the transparency and speed provided by the technology of blockchain. You can now buy a home with cryptocurrencies.
The transaction was done through the real estate start-up Propy, which uses digital currencies as a means to transact with properties. As the heated discussions about bitcoin and all other cryptocurrencies and their viability in today’s world, Propy realized the significant role of the government in such business as buying real estate with smart contracts through blockchain. New Scientist reported:
“People can do property swaps all they want but without a government to enforce them, it’s meaningless, says Paul Madore, who writes reports on blockchain start-ups for investors.”
This speaks volumes about the steps companies are now taking to disrupt industries with the approval and help of regulators. Propy is now in talks not only with Ukraine, but also with Dubai and California to change the needed laws and regulations and allow for smoother and more transparent transactions to take place.