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PALO ALTO, California — Propy, the global real estate store with a decentralized title registry, announced 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.
Propy has taken an important step in automating real estate purchases in the global real estate market. 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.
“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
