South Burlington, Vermont’s Blockchain pilot program with real estate marketplace Propy has completed the first US all-Blockchain property transaction.
South Burlington, Vermont’s pilot program made in cooperation with global Blockchain real estate marketplace Propy Inc. has completed the first completely Blockchain-based real estate deed in the US, financial blog ZeroHedge reported Thursday, March 8.
An unnamed source at Propy told ZeroHedge that the first totally Blockchain-based real estate transaction in the US had been completed, making the city of South Burlington a “global blockchain leader.”
Propy has a total market cap of around $17.7 mln, according to data from CoinMarketCap, and is currently trading for a little more than $1.00, down around 5.3 percent over a 24 hour period to press time.
South Burlington had announced their use of Propy’s pilot program back in January of this year, testing Blockchain technologies for use in recording real estate documentation. Ukraine’s Agency for E-Governance also began a pilot program with Propy in August 2017 for offering properties to foreign investors on Propy’s real estate marketplace.
Real estate and Blockchain have also coincided beyond Propy: one such Blockchain project offers tokenization of properties in London, another Blockchain real estate project backs its tokens with power from a Japanese solar farm, and a variety of cities globally have already used crypto to buy properties.
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Author: Molly Jane Zuckerman