A California-based Blockchain startup has launched a pilot program with the City Clerk’s Office in South Burlington, Vt. to use the technology to record real estate conveyance documents.
Propy, Inc. has a global Blockchain real estate platform that includes an online and mobile global real estate property store and a transaction recorder for the remote handling of fiat and other cryptocurrency payments, and a land records registry that is globally applicable. The company has offices in Palo Alto, Bulgaria and Ukraine.
“The Propy pilot will showcase the savings of Blockchain-distributed technology — furthering Vermont’s and the City of South Burlington’s goal to achieve more cost-effective government,” Propy CEO Natalia Karayaneva said in a release. “In parallel to making land record management systems significantly more efficient, Propy’s additional safeguards ensure additional data integrity.”
Michael Schirling, secretary of the Vermont Agency of Commerce and Community Development, said the state has a long history of innovating business, insurance and financial technology. Vermont has approved Blockchain-friendly legislation and is attempting to attract technology companies to the state.
“We are fortunate to have a cutting edge statutory framework that enables the use of Blockchain technology, and we will continue to work with the legislature to ensure Vermont remains at the forefront of these innovations,” Schirling said.
“The City of South Burlington is always interested in taking advantage of technology that enhances its delivery of services to residents,” City Clerk Donna Kinville said. “We are ready to learn from this Propy pilot.”
The pilot also includes the Burlington-based legal team of Gravel & Shea, a group of attorneys focused on the legal aspects of commercial development using Blockchain technology.