A view of downtown Kyiv and Olympic Stadium on May 15.

Photo by Oleg Petrasiuk

The purchase of a $60,000 apartment in Kyiv by U.S. citizen Michael Arrington doesn’t at first sound like a real estate deal that would merit global attention.

But when you add in the facts that Arrington is the founder of the popular U.S. tech news website TechCrunch, and that he purchased the property with a cryptocurrency, using blockchain technology, from across the Atlantic, via the internet, the significance of the deal becomes apparent.

The media entrepreneur struck the historic deal without the use of banks or real estate brokers: it was arranged through a smartphone application called Propy that runs on blockchain — a public ledger of all transactions done through cryptocurrencies, a technique used to secure the integrity of recorded data.

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