First real estate deed recorded only on blockchain
Ethereum posts another real-world first with blockchain-only recording of a real estate deed.
As in all things real estate, location is key. The pro-cryptocurrency legal landscape in Vermont recently enabled city hall in South Burlington to record its first real estate deed exclusively on the Ethereum blockchain.
The milestone was achieved through a pilot program of blockchain startup Propy started in January.
“We believe this historic action will become a global standard and begin a domino effect for the rest of the country,” the company stated in its announcement. “Much bureaucratic effort was required to prepare for the very first blockchain transaction, but this first deal makes it significantly easier for the rest of the 49 states to iterate the process.”
The deed was recorded through a smart contract by Propy using its PRO cryptocurrency. That smart contract “manages relevant information for escrow services, tracks and invites the respective participants in the transaction (like the title agent), and creates and updates deed records using PRO tokens”.
Propy said it will set its sights on becoming the legally valid ledger of record for real estate transactions in all of Vermont and then seek to expand across the rest of the country.
“The Propy pilot will showcase the savings of blockchain distributed technology — furthering Vermont’s and the City of South Burlington’s goal to achieve more cost-effective government,” Propy CEO Natalia Karayaneva said. “In parallel to making land record management systems significantly more efficient, Propy’s additional safeguards ensure additional data integrity.”
According to CoinMarketCap at the time of writing, the PRO cryptocurrency was valued at $0.83 per token with a market cap of $14.5 million. One of the few exchanges where it’s listed is HitBTC.
To learn more about blockchain technology and why some people think it has the potential to transform entire industries like real estate and banking, check out our complete guide.
Disclosure: At the time of writing, the author holds XRP, CND, ANT and DRGN, and actively trades BTC and ETH.