Bapple Realty, based in New York, has recently launched what is considered the first real estate commission split for Manhattan's SoHo neighborhood to provide a more secure platform for realtors to acquire their commission payouts using blockchain-based smart contracts.
Enabled through data uploaded onto the Zap platform, the seller divvied up a $3,400 commission — paid in Ethereum tokens — to pay the brokerage and the agents involved in the transaction.
Bapple itself is no stranger to blockchain technology and the use of cryptocurrencies. In 2014, the firm agreed to an $18,000 rent and commissions payment with bitcoin. With the current deal, the infusion of blockchain technology within the real estate industry becomes more solidified.
A primary requirement in implementing the blockchain-based transaction included the input of oracles: real-world information uploaded into a decentralized application. This is where Zap, founded by Nick Spanos, comes into the picture.
Zap.org, a product of the Synapse Foundation, uses an Ethereum-based ERC 20 token (ZAP) to power its oracle marketplace for smart contracts.
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