On May 25th, Hilton & Hyland, a real estate brokerage firm in Beverly Hills, announced that it is working with blockchain startup Propy to auction the Palazzetto, a luxury home in Palazzo Albertoni Spinola, Rome, Italy. It is reported that the building was built between 1580 and 1616.
The building has been included in the UNESCO World Heritage List and was designed by architect Giacomo Della Porta in the early 17th century and is currently worth $42 million. Propy CEO Natalia Karayaneva said that interested parties can use the legal currency or cryptocurrency to participate in the auction, the deadline is June 28.
Karayaneva said she believes the auction is a unique opportunity to record the specifics of selling a historic building on the blockchain. Given that the application of blockchain in real estate is still in its early stages, this auction is particularly interesting.
She added:
"This is not a transfer test worth a few dollars, nor is it a transfer test of a controversial digital collection, but a transaction worth tens of millions of dollars. The lack of transparency can have extremely bad effects for investors or sellers. â€
Looking ahead, she hopes to see more real estate transactions registered on the blockchain and point out that the security and record variability behind the technology will ensure that buyers will not take their home purchase funds to risk. She also believes that blockchain technology can make the process of buying a property more efficient by automating the property transaction process, reducing costs and providing homeowners with a way to prove their property rights.
Karayaneva said:
“Even in the United States, the process of buying real estate is opaque and unsafe. The auction mechanism that gives quotes in non-public situations is very manipulative, which is why not only the payment and land title registrations are automated... To automate the auction and bidding mechanism."
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