First house bought on the blockchain

A $60,000.00 flat in Kiev, Ukraine, was recently sold last month using a blockchain. Michael Arrington who is the founder of TechCrunch, employed real estate start-up Propy to help acquire the said property without having to enter the country. The transaction materialised from smart contracts on the Ethereum blockchain using cryptocurrency.

Propy has established a working relationship with Ukraine’s e-government agency and ministry of justice. Moreover, CEO Natalia Karayaneva has confirmed that the company is liaising with officials in Vermont, California and Dubai. She stated that “[t]hey are figuring out which laws they need to change”. The start-up is the first of its kind to appreciate that transactions require government involvement. Paul Madore, who furnishes reports on blockchain start-ups for investors claims that “[p]eople can do property swaps all they want but without a government to enforce them, it’s meaningless”. Â

International property transactions being moved onto a blockchain would expedite the conveyancing process. Furthermore, transactions would be more streamlined and properties would be more attractive to overseas buyers. According to Nina Jankowicz, a Fulbright-Clinton public policy fellow in Ukraine, “[m]aking a traditionally bureaucratic process simpler and more transparent is a short-term win”.

share this Article

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email

Recent Articles

What are the benefits of Mediation?

What is Mediation?  Mediation is a form of Alternative Dispute Resolution which is flexible, voluntary and confidential for all parties involved, and is used to

Skittles v Zkittles trade mark dispute

Earlier this week, the makers of world famous Skittles, Mars Wrigley, commenced legal action against THC infused Zkittles sweets for trade mark infringement. Sweets and