The decentralized market for real estate and registration of land rights Propy today announced the completion of the first transaction for the purchase of real estate for bitcoins in California. The sale of 10 acres of land in Southern California was accomplished through the use of smart Ethereum contracts. The processing of the transaction was handled through the Propy Transaction Platform, a platform developed by the company.
California licensed realtor, Kate Fomina, represented the interests of both the buyer of Luke Carrier and the seller of Diane Dominguez. Carrier paid for 10 acres of land in Kern County, California. It is curious that at the time of the transaction, the realtor was in Hong Kong, Carrier in New York, Dominguez in Northern California, and the depositing agent was in the San Francisco Bay area. The entire transaction process occurred online through the Propy transaction platform. The title deed was recorded in the Proch title registry and in the public blockchain Ethereum.
This transaction was the first transaction completely executed on the Propy platform, where each step was initiated by smart contracts and, accordingly, recorded in the registry of the blockchain. Propy guarantees that through the use of smart contracts, all aspects of the transaction comply with the requirements of local law.
CEO Propy Natalia Karayaneva said:
“We are convinced that blockchain technology can revolutionize the process of buying real estate. Propy simplifies the complex process into one online transaction. We already see changes in the industry – buyers and sellers are increasingly interested in blockchain and crypto-currencies. We expect more transactions and the achievement of our goal – the automation of the real estate industry with the help of blockchain. “