First deal to buy real estate for crypto currency registered in Ukraine

"The State Agency for e-Government says this is the world's first transatlantic e-transaction to exchange real estate for the Ethereum crypto currency with the use of an Ethereum-based smart contract. The deal, handled by the Juscutum law firm, is worth US$60,000 in the equivalent," Ain.ua reported.

The parties had entered into the smart contract before the deal was concluded via the blockchain. The address of the smart contract is indicated in the contract, which is entered directly both to the real estate register and the Ethereum blockchain.

Read alsoPolice raid Bitcoin mining farm in KyivThe seller and the buyer signed the contractual intention on the Propy platform, which became the grounds for crypto currency transfers to the deposit. After that, the lawyers prepared the necessary documents for the transaction, ordered real estate appraisal acts. Following the issuance of letters of agreement to the parties, the transaction was sealed notarially. After incorporating the ownership right changes in the register, a respective statement was issued. It was uploaded into the system, which made it possible to unblock the smart contract and transfer the required amount to the seller.

"In future, every person in the world will be able to buy real estate in any country in electronic format 24/7, and all data regarding transactions will be recorded in the blockchain. The buyer will have an electronic certificate of ownership that will be reliably protected by blockchain technology. The entire transaction process will be automated via a smart contract," the portal said.

About a month ago, a deal was struck in the United States to buy a house for bitcoins. Coinify blockchain-startup announced the first successful deal to sell residential real estate for crypto currency in Denmark in 2016.