[2019-5-14] $599,000 Wyoming property sale recorded on block chain

[andrewk529]

$599,000 Wyoming property sale recorded on block chain

https://www.delawarebusinesstimes.com/local-property-on-block-chain/

$599,000 Wyoming property sale recorded on block chain
 Alex Vuocolo  May 3, 2019  block chain, Ethereum, Michael Kelczewski, Sotheby’s International Realty


Michael Kelczewski of Sotheby’s International Realty drew headlines in 2018 for accepting Bitcoins as a form of payment on a $1.75 million property in Newark.

Now the Delaware-based real estate broker is using block chain technology to increase transparency in the property sales process.

Kelczewski is using the open-source block chain network Ethereum to post the details of a $599,000 property sale in Wyoming, Delaware. He says the 4,817-square-foot property is the first on the East Coast to use block chain in this way.

He describes block chain as basically a ledger or piece of paper in which information is recorded and made available to the public. Details recorded on the block chain include list price, offer price and the contract. The entire transaction process is also recorded, from the initial bid to back-and-forth negotiation.

“It’s about instilling confidence and faith in an individual on a transaction,” he said. “It decreases the perception of conflicted interest and increases trust between parties.”

Kelczewski said that in this case block chain wasn’t crucial to making the sale, but he sees it as a first step toward wider adoption.

“I had this idea about six years ago,” said Kelczewski. “It was probably crazy. It’s not so crazy anymore.”

He says the property will settle within the next 30 days.

– Alex Vuocolo

[elda34b]

It's not really groundbreaking, isn't it? Since the beginning, we know that we can use blockchain this way. It's only a matter of time before people start using it. And just because somebody uses it, doesn't necessarily mean the price will shot up.

Can't say if this is a big adoption or not.

[Fabienne_ayy]

$599,000 Wyoming property sale recorded on block chain

https://www.delawarebusinesstimes.com/local-property-on-block-chain/

$599,000 Wyoming property sale recorded on block chain
 Alex Vuocolo  May 3, 2019  block chain, Ethereum, Michael Kelczewski, Sotheby’s International Realty


Michael Kelczewski of Sotheby’s International Realty drew headlines in 2018 for accepting Bitcoins as a form of payment on a $1.75 million property in Newark.

Now the Delaware-based real estate broker is using block chain technology to increase transparency in the property sales process.

Kelczewski is using the open-source block chain network Ethereum to post the details of a $599,000 property sale in Wyoming, Delaware. He says the 4,817-square-foot property is the first on the East Coast to use block chain in this way.

He describes block chain as basically a ledger or piece of paper in which information is recorded and made available to the public. Details recorded on the block chain include list price, offer price and the contract. The entire transaction process is also recorded, from the initial bid to back-and-forth negotiation.

“It’s about instilling confidence and faith in an individual on a transaction,” he said. “It decreases the perception of conflicted interest and increases trust between parties.”

Kelczewski said that in this case block chain wasn’t crucial to making the sale, but he sees it as a first step toward wider adoption.

“I had this idea about six years ago,” said Kelczewski. “It was probably crazy. It’s not so crazy anymore.”

He says the property will settle within the next 30 days.

– Alex Vuocolo

soon we can get the value of every platform adopting blockchain

[hatshepsut93]

It's kinda cool, but also not really useful at this moment - adding property records to blockchain doesn't hold any legal power, and recording something to the blockchain is not the same as actually owning it - all the property rights still have to be confirmed by the government. If the point of blockchainin this case is to add safety to property rights, then there are some problems with that - blockchains are only as safe as the private keys of users, and people are notoriously bad at that - some malware can easily steal Ethereum's private key, or users can lose their seeds and wallets.

[shamc]

What would have been better is if they used crypto for the actual sale, and then recorded it on the blockchain. I think tezos is looking into a proper crypto based real estate solution