Stories have been circulating about Vermont testing blockchain for recording real estate transactions.
A contact at Propy informs me that the city of South Burlington, Vermont, just became a global blockchain leader by locking in the first US real estate deed completely on blockchain.
In October of 2017, Business Insider reported Propy Announces World’s First Real Estate Purchase on Ethereum Blockchain.
Natalia Karayaneva, CEO of Propy said, “This is only the beginning. With this transaction, we’ve broken first ground in putting the $217 trillion real estate market on the blockchain. We’re starting with Ukraine, but over the coming year we plan to facilitate real estate transactions with the use of PRO tokens in California, Vermont, and Dubai.”
Business Insider posted this disclaimer “Propy is the source of this content.”
I make the same disclaimer.
My contact says “This first deal makes it much easier for the rest of the 49 states to iterate the process. In fact, Arizona and Colorado are next.”
I have some questions and will post an addendum when I have answers.
First, this is not unexpected. I have many times commented that blockchain is perfect for real estate transactions. Real estate is low-volume, high-value. Buying candy bars on blockchain is not practical. Blockchain does not scale.
Second. This does not change my attitude towards cryptos. At some point everything will be crypto, but it will be government-sponsored and it will not be Bitcoin nor Ethereum.
Finally, and most importantly, entire chains of business will vanish.
Think of the business of title insurance. Poof!