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May 2018   Volume 44, Number 5      
 

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First U.S. Real Estate Deed Recorded Using Ethereum

Propy Inc. has achieved a major milestone for cryptocurrency by initiating the first U.S. deed recorded using only blockchain technology. The Propy pilot project, launched in January in partnership with the City Clerk’s Office in South Burlington, Vt., used Ethereum to transact and record contracts and documents instead of using the city’s recording system. City representatives say that Vermont’s legislation allows for the flexibility to use blockchain in real estate transactions.

“The Propy pilot will showcase the savings of blockchain distributed technology, furthering Vermont’s and the City of South Burlington’s goal to achieve more cost-effective government,” said Natalia Karayaneva, CEO of Propy. “In parallel to making land record management systems significantly more efficient, Propy’s additional safeguards ensure additional data integrity.”

If these blockchain pilot programs prove successful, real estate brokerages may become more open to cryptocurrency-based transactions. RE/MAX Action First, a real estate brokerage based in Tampa Bay, Fla., predicts that blockchain technology will disrupt the real estate industry, noting that transactions could be settled in minutes instead of days or weeks.

Kenny Hayslett, president of RE/MAX Action First, believes that blockchain-based transactions could help to reduce fees and eliminate unnecessary delays. He added that blockchain could help to improve security for the real estate industry given that wire transfers have become particularly vulnerable to fraud in recent years.

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In this issue:

2019 Federal Budget Housing Outlook

2017 Homeownership Rate Increased Despite Shortage of Homes

RE/MAX Set to Launch Marketing Automation Tools for Agents

First U.S. Real Estate Deed Recorded Using Ethereum

NAR Cheers Dodd-Frank Reform

More Homebuyers Bidding on Homes Sight Unseen

Millennials Most Active Homebuyer Group

Homesellers Spy on Prospective Buyers During Open Houses

Home Depot Donates $50 Million to Reduce Home Construction Shortage

Low-cost Tips to Improve Curb Appeal



 


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