Bitcoin Global News (BGN)
March 20, 2018 -- ADVFN Crypto NewsWire -- Ethereum was used to
establish another milestone last week: the blockchain recording of
a real estate deed in the U.S. The Ethereum blockchain, which can
be used for a variety of purposes besides ether transactions, was
used to record a real estate deed at City Hall in South Burlington,
Vermont.
The state of Vermont and its municipalities have been early to
the game in establishing a pro-cryptocurrency legal landscape. The
pilot program that made the Ethereum-enabled deed record possible
was developed jointly by Vermont’s lawmakers in the capital city of
Montpelier, the city clerk’s office in South Burlington, and Propy
Inc.
Propy (propy.com) allows buyers,
sellers, brokers, escrow agents, title agents, and notaries to come
together on a legally valid ledger of record for real estate
transactions. Propy's smart contract technology invites and tracks
the respective participants in the transaction, manages relevant
information for escrow services, and then creates the deed record
using its "PRO" tokens.
Propy said in a statement: “We believe this historic action will
become a global standard and begin a domino effect for the rest of
the country. 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 success of the transaction is expected to encourage real
estate brokers across the U.S. to be more willing to transact deals
using cryptocurrency and blockchain. Fee-free blockchain
transactions could be settled in minutes instead of the days or
weeks typically necessary to record a deed.
Michael Schirling of Vermont's Agency of Commerce and Community
Development said in a statement: “Blockchain technology in real
estate transactions is emblematic of Vermont’s long history of
innovating business, insurance, and financial technology. We are
fortunate to have a cutting-edge statutory framework that enables
the use of blockchain technology, and we will continue to work with
the legislature to ensure Vermont remains at the forefront of these
innovations.”
According to CoinMarketCap at the time of writing, the Propy’s
PRO cryptocurrency was valued at around $0.70 per token with a
market cap of approximately $12 million.
By: BGN Editorial Staff