The blockchain network, commonly known as Bitcoin’s underlying system has been considered a revolution of technology for quite a while now, due to the incredibly high potential it has to improve the world that we live in.
Bitcoin can nowadays be used as a payment method at cryptocurrency-based casinos. Oftentimes, it has been mentioned that blockchain technology could theoretically be used to transfer data of all forms, including property titles. So, in theory, blockchain technology could act as the ground platform for facilitating the sale of a house, for instance.
Well, this isn’t theory anymore. In the month of September 2017, a house was sold via blockchain for the first time. The property, which is a $60,000 flat situated in Kiev, Ukraine, was purchased by the founder of news site TechCrunch via the Ethereum platform and smart contracts. Therefore, rather than travelling to Ukraine, seeing the house, and dealing with fiat money and paper contracts, the home was purchased without any hustle whatsoever, and without even visiting the country in question.
As it has finally been done now, it is clear that blockchain technology can truly change the way the real estate market functions, by offering great speed, smart contracts, and facilitating arrangements between sellers and buyers throughout the world, without even needing to meet in person. The transaction in question was done via the Propy real estate start-up, which is a company that wishes uses digital currencies as the main means to transact various types of properties. The company in question is now holding talks with Ukraine, California and Dubai amongst others for laws and regulations to be drafted that could better facilitate the exchange of property using digital currencies and the blockchain network. Therefore, while the technology is already here and works perfectly fine, legal issues remain standing. Luckily, it’s not that the governments don’t want property exchanges happening through blockchain networks, but rather that the legislative framework needed for this is missing at this time.
By keeping everything mentioned so far in mind, the real estate market now has solid proof that digital currencies, and of course, blockchain technology can easily be used for transactions the size of a flat. What are your thoughts on this world’s first? Let us know!