Ukraine’s murky real estate market may soon face blockchain revolution

By Denys Krasnikov / November 23, 2017

The purchase of a $60,000 apartment in Kyiv by U.S. citizen Michael Arrington doesn’t at first sound like a real estate deal that would merit global attention. But when you add in the facts that Arrington is the founder of the popular US tech news website TechCrunch, and that he purchased the property with a cryptocurrency, using blockchain technology, from across the Atlantic, via the internet, the significance of the deal becomes apparent.

The media entrepreneur struck the historic deal without the use of banks or real estate brokers: it was arranged through a smartphone application called Propy that runs on blockchain — a public ledger of all transactions done through cryptocurrencies, a technique used to secure the integrity of recorded data.

Topics: Analysis & opinion, Blockchain, International, Kyiv, Regions

About

Denys Krasnikov

Denys Krasnikov is a Kyiv Post IT reporter. He studied journalism in Zaporizhia National University. Denys can be reached at krasnikov[at]kyivpost.com.

http://www.kyivpost.com

About

The Kyiv Post

Launched in 1995, Kyiv Post is Ukraine’s leading English-language newspaper, produced by a team of Western and Ukrainian journalists. Over the years, the weekly newspaper has led the charge for a free press in Ukraine, and has played roles in the Georgiy Gongadze scandal, the Orange Revolution and other significant Ukrainian events. The Kyiv Post’s IT coverage is sponsored by Looksery, Ciklum, Steltec Capital and SoftServe. The content is independent of the donors.

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