Smart Contracts For Global Real Estate Transactions
In real estate, blockchain can help a lot in both the title business and in pretty much every aspect of it,â Hedvat said.
Other industries are already experimenting with the encrypted ledger technology. IBM, for example, is using it to monitor its food distribution network and recently released a blockchain-based app for cross-border payments. Similarly, the San Francisco-based startup Propy, an online real estate marketplace, uses blockchain to simplify cross-border transactions. Propy, which launched this year, has already brokered one such real estate deal entirely online. TechCrunch founder Michael Arrington, who is also an investor in Propy, bought an apartment in Kiev, Ukraine, for $60,000 through the platform in September.
âWeâre at a great point now,â said Ragnar Lifthrasir, founder of the International Blockchain Real Estate Association (IBREA), which hosted a second annual conference in Manhattan in October. âWeâre finally getting strong interest from both sides â software engineers and the big real estate companies.
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