Blockchain is behind an auction of a 17th-century Italian mansion.
Hilton & Hyland, a Beverly Hills real estate brokerage disclosed Friday that it is teaming up with a blockchain tech firm, Propy, to auction the Palazzetto inside the Palazzo Albertoni Spinola, a 17th architectural masterpiece built by Italian Renaissance architects Giacomo Della Porta (1532-1602) and Girolamo Rainaldi (1570-1655).
The mansion which was declared a UNESCO heritage site has a value of $42M today. Propy CEO Natalia Karayaneva announced that bids can be submitted in fiat or cryptocurrency until June 28.
Coindesk reported, Karayaneva believed that the auction represents a unique chance to document on blockchain a sale of such a historic building considering that “real estate blockchain applications” are still in its infantile stage.
She further said:
“It is not a transfer test of a couple dollars worth of value or questionable digital collectibles — but a multi-million dollar deal where lack of transparency can result in a significantly worse deal for the investor or seller.”
The blockchain executive wishes that more real estate transactions will be recorded on blockchain which can automate the deals making the purchase of buildings efficient. It can also help drive the fees down and enable individual owners to easily prove their property rights.
“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 stated.
(image credit: Palazzetto)