What could be the first blockchain-only real estate trade in the U.S. involved 10 acres of land 130 miles north of Los Angeles County.
The Real Deal reported the sale was made through a platform developed by Palo Alto-based real estate startup Propy. The company’s platform recorded the purchase agreement, payments and other sale information on the Ethereum blockchain.
The amount paid in bitcoin (BTC) by an unnamed New York-based buyer for the Kern County acreage was not released. But details of the sale were recorded both on the blockchain and with traditional government registries.
A number of states now allow blockchain in real estate transactions, including Vermont. According to the Real Deal, Propy made its first blockchain sale in the U.S. in March as part of a pilot program when a woman transferred her Vermont property to her LLC for $10. Read more here.