Global decentralized title registry real estate store, Propy has recently announced its first comprehensive blockchain-recorded property deal in California. Propy’s Transaction Platform processed the Bitcoin-to-Bitcoin sale of 10 acres of land in Southern California and every step was executed via Ethereum smart contracts. This marks the transaction as the first of its kind in California.
A California licensed realtor, Kate Fomina, represented both Luke Carriere, the buyer, and Diana Dominguez, the seller. Carriere paid Dominguez in BTC for 10 acres of vacant land in Kern County, California. When the transaction began, Fomina was located in Hong Kong, Carriere was in New York, Dominguez was in Northern California, and the escrow agent was in the San Francisco Bay Area. Almost the entire cross-border purchase process occurred online through Propy’s Transaction Platform. The title deed was recorded on the Propy Blockchain Title Registry and on the public Ethereum blockchain.
The property deal in California is the first complete transaction fully-executed on the Propy Transaction Platform, where every step was initiated by smart contracts and respectively recorded on the blockchain registry. The transaction was anchored and verifiable on distributed ledger technology, which gives complete security to the deal. By using smart contracts, Propy guarantees that the flow of transactions is executed according to regional regulations.
“We believe that blockchain technology can truly revolutionize the real estate purchasing process and the management of public records,” said Natalia Karayaneva, CEO of Propy. “Propy streamlines a complicated process into a simple online transaction, and we’ve seen significant traction in the industry already — buyers and sellers are increasingly turning to blockchains and cryptocurrencies. We’re excited to facilitate more property transactions, and reach more milestones in our goal to automate the real estate industry via blockchains.”
Transactions executed on the Propy Transaction Platform are legally binding, provide additional proof of ownership, and safeguard the transfer of ownership via traditional legal instruments. The Propy Blockchain Title Registry is available for deed recording by any customer, broker, or title agent wishing to duplicate the encrypted information on the globally distributed Ethereum network. High demand is observed and acts as a driver for this service as the international community is eager for an additional safeguard for property records from hacking, corruption, or natural disasters.
Propy recorded the first deeds in California on the Blockchain in May and June and the recorded blockchain information is held at the San Francisco Recording office. Alameda County recorded three additional deeds that came from flat transactions and were the first blockchain-recorded and blockchain data containing deeds in those counties. From now, Propy plans to partner with private organizations and governments on a global scale to make distributed ledger technology a standard for storing public data.
Edited by V. Haviland
Join us in Madrid from the 13th to the 16th of November for the Property Portal Watch Conference.