First time ever in Ukraine real-estate has been sold by way of the Smart contract

In Ukraine, for the first time, a deal has been made to exchange real-estate under the barter agreement for digital currency blockchain Ethereum.

This has been posted on the Facebook page of Konstantin Yarmolenko Adviser to the Head of the State Agency of Ukraine for e-government. According to his words, the apartment has been purchased by an American citizen through a decentralized marketplace Propy (USA), moreover, the seller of the property at the moment of sale was in New York City. The payment has been done in Ethereum.

“In the future, any person in any country of the world will have the possibility to buy real-estate in any other country of the world in electronic form 24/7 and in such a case, all the details of the transaction shall be recorded in the blockchain. The buyer will receive the electronic certificate of ownership which will be reliably secured by the blockchain technology and the whole process will be automated by Smart contract. This deal is the real revolution in the Global real-estate market, and I’m more than happy, that it has been done the first time in Ukraine” Konstantin Yarmolenko wrote.

According to him, the Agency will carry on the cooperation with Propy and in the near future will present to the public new and “ambitious” projects in Ukraine.

Previously the Government has approved the concept of e-governance in Ukraine until the year 2020.

Press Service DZI