“I was a little nervous, like I couldn’t believe I was doing this.”
In February 20, Vermont resident Katherine Purcell signed off on the first completely blockchain-based real estate deed in the United States.
“I was a little nervous, like I couldn’t believe I was doing this,” Purcell tells Inverse. “But this type of technology excites me. Its encryption capabilities are top of the line in terms of keeping deeds and other documents safe.”
These proceeding were made possible by the San Francisco-based startup, Propy, which partnered with the city of South Burlington to begin using the blockchain to record real estate conveyance documents instead of using the city’s record system. According to Propy, Vermont is one of the first states to allow this type of book keeping.
Her transaction has now been stored on the Ethereum blockchain, which Propy runs on, just like any other cryptocurrency exchange would be.
A screenshot of Purcell’s paperwork was reported by the financial blog Zero Hedge on Thursday. The article quoted an anonymous source at Propy that stated this was the first step in the company’s planned real estate takeover.