New York realtors looking to avoid hiccups in their commission payouts can now turn to blockchain-based smart contracts. The first real estate commission split was brokered earlier this summer in Manhattan’s ritzy SoHo neighborhood by New York-based Bapple Realty.
Enabled through data uploaded onto the Zap platform, the seller divvied up a $ 3,400 commission — paid in Ethereum tokens — to pay the brokerage and the agents involved in the transaction.
Bapple itself is no stranger to blockchain technology and the use of cryptocurrencies. In 2014, the firm agreed to an $ 18,000 rent and commissions payment with bitcoin. With the current deal, the infusion of blockchain technology within the real estate industry becomes more solidified.