Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
In the Ethereum protocol and blockchain there is a price for each operation. The units used to price operations are called gas, and all transactions on the Ethereum network require gas.
The idea is that you can use Ethereum to create a smart contract that will hold an asset, like a piece of property, and release it to the buyer when certain conditions are met, like when the buyer pays you in Ether.
There are a few companies working on this, but one of the most promising is Propy. Propy has developed a decentralized registry for real estate transactions that uses Ethereum smart contracts to track ownership and transfer of properties.
The big advantage of usingPropy is that it makes it possible to buy property with Ether without the need for a middleman. This could potentially save buyers and sellers a lot of money in fees and commissions.
Another advantage is that Propy can be used to buy property in any country in the world. This is because the decentralized nature of Ethereum means that there are no borders or jurisdictional restrictions.
The disadvantage of using Propy is that it is still early days and the platform is not yet fully developed or widely used. This means that there may be some bugs and glitches and it may not be able to handle large scale transactions yet.
Overall, buying property with Ethereum is an exciting new way to do real estate transactions. It has potential to save buyers and sellers money, and to make buying property in other countries easier than ever before.