First real estate deed created using Ethereum blockchain
For those that think blockchains and cryptocurrencies aren't useful, pay attention. A pilot program launched in South Burlington, Vermont became the first to record a US real estate deed using Ethereum. The initiative was created by Propy Inc., a real estate marketplace, and used Ethereum's blockchain to transact and record both documents and contracts, in lieu of South Burlington's record-keeping system.
The program first saw the light of day in January. The Vermont Agency of Commerce and Community Development (VACCD), the City Clerk's Office of South Burlington and Propy all worked in tandem to make the transaction run smoothly. VACCD secretary Michael Schirling said, “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.”
Due to the success of the transaction, it's extremely reasonable to anticipate that more brokerage firms will be amenable to cryptocurrency transactions. Tampa, Florida's RE/MAX Action First has already started to prepare for the shift to blockchains, and was one of the first Tamp Bay-area realtors to accept cryptocurrency in real estate transactions. Using blockchain technology, instead of today's industry practices of long, drawn-out contracts and back-and-forth interactions, means that real estate transactions can be closed in a matter of minutes instead of days.
Sweden has already begun to move toward blockchain technology acceptance in real estate, allowing cryptocurrencies to be used in purchases. The first real estate transaction to be conducted solely through digital currency is scheduled to take place within the next couple of months.