Real estate blockchain milestone
A luxury building in Paris has become the first-ever European property to be sold entirely via blockchain transaction. The AnnA Villa in the city’s Boulogne-Billancourt district was sold to French real estate firms Sapeb Immobilier and Valorcim. Forbes‘ Kamran Rosen notes that, with blockchain, much of the “cumbersome” legal documentation involved with selling property, including notarized deeds and proof of identity, can be encrypted.
“If scaled effectively, the time and cost saved from not having to manually verify this information could prove to be enormous,” he writes.