The architect Giacomo Della Porta is known for his extravagant architecture throughout the UNESCO heritage site in the early 1600s. The Palazzetto inside the Palazzo Albertoni Spinola is valued at around USD 42 million. Hilton & Hyland real estate brokerage and blockchain startup Propy will be hosting the auction. Propy CEO Natalia Karayaneva confirmed that bids for the mansion can be in either cryptocurrencies or fiat.
This isn’t the first time that a property sale has been recorded on the blockchain. Back in September 2017 a USD 60,000 apartment in Ukraine, was purchased by Michael Arrington, founder of TechCrunch. Propy confirmed the transaction using smart contracts on the Ethereum blockchain, concluding the trade with an exchange of cryptocurrency. Using blockchain meant Michael could complete his purchase without having to travel to the country.
Moving property transactions onto a blockchain will create an irrefutable record whilst making the process more transparent to parties involved. Accessibility of information on the blockchain will speed up the process compared to an exchange of paper contracts.
“The process of buying real estate today is non-transparent and non-secure even in the U.S. The bidding mechanism of providing offers blindly is very manipulative. This is why it is important to not only automate payment and title deed recordings … but also to automate the auction and offering mechanisms,” Karayaneva said.
Italian Mansion isn’t the only luxury home for sale in cryptocurrencies
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