Bloody Bay, a 13-acre swath of Union Island, which belongs to the nation of St. Vincent and the Grenadines, is for sale. The company that listed the property says on its website that it is currently accepting “offers from 600 bitcoin,” but that bids denominated in the popular cryptocurrency will be considered “for a limited period only.” At press time, the initial asking price was equivalent to just over $7 million.
Blockchain technology has already made waves in other real estate sectors. In October, a property investment company put a London mansion on the market at a rate fixed in fiat currency that it insisted had to be paid in bitcoin.
For over a year, Sweden has been cooperating with several firms to develop a blockchain-based land deed registry. Officials in the Indian states of Andhra Pradesh and Telangana are reportedly considering similar overhauls.
In August 2017, the US-based blockchain firm Propy disclosed a forthcoming partnership with Ukraine’s government to implement a blockchain system that would allow foreign investors to purchase Ukrainian real estate through the use of executable distributed code contracts. On October 2, the company announced that an apartment in Kiev had been successfully purchased through the platform.
Considering the possibilities that blockchain technology offers in the fields of transactions and record keeping, it seems likely that more real estate-related use cases will emerge as the crypto space matures.