Blockchain, the distributed ledger technology system, has been used to sell the world's "first" properties in both Kiev and the UK.
The New Scientist reported last week that the world's first property sold using blockchain was a flat in Kiev sold for $60,000. The Law Society Gazette, however, reports that the UK's first property was sold last week using blockchain to sell a £700,000 commercial property in Trowbridge.
Whilst it's not clear which transaction came first, it looks like property transactions secured by blockchain digital encryption technology are happening and are here to stay. This is a system for rendering blocks of data tamper-proof by distributing them across ‘shared ledgers’. It is best known for underpinning the bitcoin virtual currency and is set to revolutionise conveyancing.
LAST month a $60,000 flat in Kiev, Ukraine, became the world’s first property to be sold using a blockchain. Michael Arrington, founder of tech news site TechCrunch, used real estate start-up Propy to help him snap up the home without setting foot in the country. The transaction took place entirely via smart contracts on the Ethereum blockchain using cryptocurrency.