Real Estate Platform Sells $1M California Home through Blockchain, Davos Explores Technology
Blockchain and cryptocurrency move away from failed coin offerings (initial coin offering - ICO) and other applications as it gains widespread use. Forbes reported that more companies are seeing blockchain as a serious partner in real-world applications and processes, most importantly in the real estate sector.
In an example, Walmart and Dole have partnered with IBM to use blockchain-based processes; in the case of retail, they're using blockchain to follow food supply chains. Even Google has shown interest in blockchain applications. In the global real estate sector, real estate platform Propy has delved into partnership with the blockchain industry.
Propy has recently completed a transaction where it dealt with a blockchain-recorded property deal. The home in the deal was located in Daly City and it sold for $$917,000. The property was purchased in US dollars, but the transaction involved Ethereum smart contracts. It also marked the very first transaction to have involved a blockchain platform in the area.
Blockchain was also a hot topic in this year's Davos World Economic Forum, where it was announced that a 'global council' on the cryptocurrency was being formed. According to Coin Telegraph, the council is going to be headed by BitPesa founder Elizabeth Rossiello along with another co-chair.
The cryptocurrency Council will be part of the Fourth Industrial Revolution and Cybersecurity Center that is based in San Francisco. The organization was created by the WEF in 2017, in recognition of blockchain's major role in resolving key issues. The council was also heralded as a 'technology pioneer' since it recognized blockchain as a 'major force'; hence, the formation of the council.
Discussions happened where blockchain was majorly praised by the different organizations in the meeting. However, one area the council agreed upon is that blockchain may be the most important discovery since the internet and that most investors dealing with blockchain are bullish about it.
Blockchain has come a long way since then, what with the revolutionary sale of property in California using bitcoin. Propy is strictly focused on transactions dealing with real estate and using cryptocurrency. Its main mission is to create an automated process for purchasing real estate, whether by blockchain or real-world currency.
Propy has been busy the past few months, creating deeds on the Ethereum blockchain. This paved the way for the transaction to happen, where it was verified and anchored on ledger tech. The success represented a huge leap into making blockchain as normal as buying real estate through an agency.