Californian blockchain startup Propy has launched a pilot project in collaboration with the City Clerk's Office of South Burlington, Vermont to record real estate conveyance documents using blockchain technology.
The South Burlington-Propy pilot includes the Burlington based legal team of Gravel & Shea — a group of attorneys focused on the legal aspects of commercial development using blockchain technology. It will provide a real-world platform to the State of Vermont to continue studying and developing public policy for the continued creation, support, and growth of a sustainable and diversified economy around the fintech sector.
"The announcement of a pilot project to utilize blockchain technology in real estate transactions is emblematic of Vermont's long history of innovating business, insurance, and financial technology. 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," said Vermont Agency of Commerce and Community Development Secretary Michael Schirling.
Propy seeks to revolutionize the real estate purchasing and registration process worldwide. Its blockchain-enabled platform comprises an online and mobile global real estate property store and a transaction recorder for the remote handling of fiat and other cryptocurrency payment, and a land records registry that is globally applicable and free of jurisdiction.
"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. In parallel to making land record management systems significantly more efficient, Propy's additional safeguards ensure additional data integrity," said Natalia Karayaneva, CEO of Propy.
Last year, Propy partnered with the government of Ukraine to allow online real estate purchases by foreign investors using blockchain technology. It also held a highly successful ICO in which it raised $15 million.
