Blockchain and Crypto Find Role in Italian, S Korean Property Industry

Developments are coming thick and fast in the worlds of real estate, blockchain technology and cryptocurrency.

Real estate venture Propy, which trades properties in cryptocurrencies on a blockchain-powered platform, has listed an historic Renaissance-era Roman mansion on its database. The mansion is called Piazza di Campitelli, and was designed by Giacomo della Porta (1532–1602), the architect who built the Cupola in the Vatican’s St Peter’s Basilica.

The building is listed as a heritage site by the Italian government, and should the sale be completed in cryptocurrency, it would mark the first time such an historic site has been traded using Bitcoin or altcoins.

Propy says it will conduct an auction on June 28, and will accept bids in cryptocurrency or USD. Per Quartz, the mansion’s reserve price is USD 44 million, which is around 7,000 BTC.

Meanwhile, in Asia, South Korean constructor Dongsuh ITS has signed a deal with a blockchain firm that will allow it to manage apartment residents’ personal data on what it claims is a hack-proof blockchain platform.

Per media outlet eToday, Dongsuh’s deal will allow it to manage information for 2 million residents of its Dongsuh Lake apartments. Data includes residents’ names, cell phone numbers, utility bill information and vehicle registration numbers. The builder will make use of the DB Coin blockchain platform, which its developers claim is tamper-proof.