Propy, the global real estate store with a decentralized title registry, announced on Monday the successful execution of a historic real estate deal on the Blockchain in the State of California. With Propy’s Transaction Platform, every step of the deal was executed via Ethereum smart contracts, making this the first comprehensive blockchain-recorded property deal in the state of California and only the second in the world.
The cross-border transaction happened remotely using cryptocurrency (BTC) as the means of payment, thus eliminating the need for banks and eradicating geographical limitations usually tied to traditional deals. Kate Fomina, a California licensed realtor, represented both Luke Carriere (the buyer) and Diana Dominguez (the seller). 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.
The use of smart contracts guarantees that the flow of transactions is executed in full compliance with regional regulations. The transaction is recorded and verifiable on the public Ethereum Blockchain, giving complete security to the deal.
In California, Propy recorded the first deeds on the Blockchain in May and June; the San Francisco Recording office also holds a deed containing the blockchain information. The company works in partnership with private organizations and governments worldwide to promote distributed ledger technology as a standard for storing public data.