Silicon Valley property transaction demonstrates the speed, security, and convenience afforded by using a blockchain solution
PALO ALTO, California, Propy, a global real estate platform, announced the execution of its second blockchain-recorded property deal in California. The residential property, which sold for $917,000 through Propy’s online transaction platform is a three bedroom, two bathroom residential property in Daly City, California. Each step of the transference of this property was executed via Ethereum smart contracts, marking this the first residential transaction with a traditional payment in California to be executed on a blockchain from end to end. This news follows Propy’s first property transaction, 10 acres of land in Southern California, which was purchased entirely with bitcoin. Additionally, over the last few months, many more deeds across the globe have been recorded by Propy on the Ethereum blockchain, but this is the first transaction where Propy’s platform also handled the offer submission.
Natalia Karayaneva, CEO of Propy said,
Over the past two decades, Silicon Valley has become one of the world’s hottest property markets, denoting the perfect example for a market where high levels of trust and transparency throughout the transaction process are paramount. While still considered a nascent technology, the utilization of blockchain is the optimal trustworthy way of streamlining the lengthy and untransparent process of buying a home. We look forward to facilitating hundreds more of these transactions in the near future, easing the process of buying a home for all parties involved. Users don’t even know that they use blockchain.”
Propy Vice President and Real Estate Broker, Kate Fomina, represented the seller throughout the transaction, who is local to the Bay Area. The end-to-end transaction for the 1,160 sq. ft home in the desirable Daly City neighborhood was paid for in dollars. The closing process took place online through Propy’s Transaction Platform with agents, seller, buyer and escrow officer executing their paperwork online, with the deed being recorded on the Propy Blockchain Title Registry.