First Real Estate Deal Using Blockchain

Blockchain, an online ledger first developed as the core technology behind the virtual currency bitcoin, was utilized by Michael Arrington, co-founder of the tech news site TechCrunch, to purchase an apartment in Kiev for $60,000 from the Ukrainian developer Mark Ginsburg. Utilizing smart contracts on the Ethereum blockchain, the transaction is heralded as the first-ever property to be bought and sold using blockchain which in a trans-border deal "improves the process of conveyance and eliminates paper contracts and costly lawyer fees." Days later, IBM announced a new blockchain banking solution that will help financial institutions address the processes of universal cross-border payments. Using IBM Blockchain, "in collaboration with technology partners