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Switzerland Submits First Real Estate Transaction on Blockchain

March 07, 2019 11:50
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Credit: BW Disrupt
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Switzerland is now officially the first country in the world to submit a real estate transaction on the blockchain. The transaction was carried out  by the combined efforts of three Zug companies blockimmo, Elea Labs and Swiss Crypto Tokens. Elea Labs supplied the complete, validated data for the property and Swiss Crypto Tokens enabled the transaction with the ‘CryptoFranc’, a stablecoin linked directly to the Swiss franc.

Commenting on the development,  Bastiaan Don, founder and Managing Director of blockimmo, said, “I am delighted that we were able to pull off this premiere, the first property transaction through blockimmo. The platform is the first secure blockchain product for both private and professional investors.”

Don further explained, “Traditional property investments and their issuing programmes have barely moved forward. In Switzerland, you have a non-transparent market with asynchronous information that is difficult to access. This has a negative impact on the liquidity potential of the real estate market. By using blockchain technology, blockimmo enables a solution to a problem, representing a paradigm shift for real estate ownership and trading.”

Switzerland has been a pioneer when it comes to leveraging blockchain technology. Last year in July, Zug, a city in Switzerland, completed its blockchain pilot on voting system. Crypto-News India had reported that  there would be a survey for the population of the city and ask a few pertinent questions. Voting for the survey is expected to take place through a blockchain that will be powered by ethereum IDs. The blockchain based municipal voting was conducted from June 25 to July 1. The city’s eID system that was introduced in November last year, was used for the polls.

On that occasion the government had said, “Residents could get their digital ID via the website of the city of Zug and the installation of the “uPort” app and to participate in the consultative vote.”

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