Page 15 - bne_Tech_12_2018

Blockchain & Cryptocurrency
December 2018 www.intellinews.com I Page 15
A startup with Russian roots signs EU’s first blockchain property deal
Arseny Kalashnikoff, Russia Beyond
San Francisco-based startup, Propy, founded by Russian immigrant Natalia Karanyaeva, has powered Europe’s first real estate deal on blockchain. Previously, the project secured the first property transaction of $10 as a part of
a pilot program in the state of Vermont in the U.S.
The EU’s first property sale on blockchain took place in Seville, Spain, in early October. Both parties used the cryptocurrency, Ether, to transfer ownership via Propy’s transaction platform.
The French buyer, Sabastien, and Spanish seller Miguel Prados Rodriguez met online on a web source for crypto enthusiasts. They both wanted to use crypto to secure the deal and decided to look for a solution.
Miguel Prados Rodriguez said he is very happy with the sale’s outcome. "Propy made the entire process simpler than it would have been through a traditional sale. Their platform is user-friendly and gave me the peace of mind I needed to know that the entire transaction was safe.”
Purchasing property across borders can be difficult for buyers and sellers from different tax and regula- tory jurisdictions, who are also worried about fraud. With blockchain, all parties have mutual trust thanks to immutable encrypted records on blockchain.
According to Karayaneva, the real estate market can be a complex web of governments, brokers, and other entities making international property transactions difficult.
“Propy's blockchain-enabled platform removes any complexity resulting in a simple online transaction that is easy to complete and secure,” Karayaneva said.
Yet another blockchain-powered property sale is scheduled in upcoming months in Spain, reported Propy.
www.rbth.com/science-and-tech/329316-russian- startup-property-blockchain
Launch of crypto mining firm reportedly delayed in Azerbaijan
bne IntelliNews
Plans to launch cryptocurrency mining at the Pirallahi Technopark in Baku have been delayed, local newswire Trend reported.
Trend had previously outlined the plans to set up a cryptocurrency mining firm at the tech park, with its operations to be powered by renewable energy