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First Real Estate Deal Using Blockchain

Blockchain, an online ledger first developed as the core technology behind the virtual currency bitcoin, was utilized by Michael Arrington, co-founder of the tech news site TechCrunch, to purchase an apartment in Kiev for $60,000 from the Ukrainian developer Mark Ginsburg. Utilizing smart contracts on the Ethereum blockchain, the transaction is heralded as the first-ever property to be bought and sold using blockchain which in a trans-border deal “improves the process of conveyance and eliminates paper contracts and costly lawyer fees.” Days later, IBM announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments. Using IBM Blockchain, “in collaboration with technology partners and KlickEx Group, the solution is intended to improve the speed in which banks both clear and settle payment transactions on a single network in near real time.” One thing for sure this disruption will result in faster and less expensive closing of real estate deals as traditional players everywhere start to compete.

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