As blogged on Futurism.com, on February 20, Vermonter Katherine Purcell did something extraordinary: She sold her home. And yes, people sell their homes every year—scores of them. But Purcell’s sale was fundamentally different: There’s a record of it on a blockchain.
In 2017, the city of South Burlington, Vermont, agreed to begin recording real estate transactions on the Ethereum blockchain as part of a pilot program with Propy, a real estate platform developed by a San Francisco-based startup. The idea behind Propy: it allows anyone to buy or sell real estate, anywhere, completely online. Propy’s blockchain records each step in the transaction, from expressing interest in a property to signing agreements to title transfers.
This makes the process more secure than sales conducted through traditional methods. A person couldn’t say they didn’t receive a payment or never signed a document, nor could they alter public records by hacking the city’s server. There’s an immutable record of every action on a virtually unhackable ledger.