RATE Group | Ethereum’s ERC721 Can Be Used to Process Real Estate Sales on Blockchain – The Merkle
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Ethereum’s ERC721 Can Be Used to Process Real Estate Sales on Blockchain – The Merkle

26 Apr Ethereum’s ERC721 Can Be Used to Process Real Estate Sales on Blockchain – The Merkle

Posted at 19:13h in Ethereum News by

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ConsenSys, a blockchain software technology firm founded by Ethereum co-creator Joseph Lubin, and open-source development group OpenLaw Core have created a new method for processing real estate sales on Ethereum’s immutable blockchain network.

Increase in Usage of Cryptocurrencies in Real Estate Industry

Since early 2017, an increasing number of realtors and property holders in the global real estate industry have begun to utilize cryptocurrencies to purchase and sell properties, such as apartments, apartment complexes, office spaces, and buildings.

In January of this year, a real estate company put a large-scale commercial building in Tokyo up for sale for 547 bitcoins, worth about $4.9 million based on the current price of bitcoin (around $9,000). At the time, the bitcoin price was just about $11,000, and the building was valued at $6 million.

In September of last year, Michelle Mone and Doug Barrowman announced that their 2.4 million square foot, $300…

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