Propy – a global property store and decentralized title registry based in Palo Alto, CA – struck a partnership with the City of South Burlington, VT, to run a pilot program to record real estate transfers on a blockchain. The company said it revolutionizes the real estate purchasing and registration process by creating innovative blockchain-based technologies.
Its blockchain-enabled platform comprises an online and mobile global real estate property store and peer-to-peer marketplace, a transaction recorder for the remote handling of fiat and other cryptocurrencies, and a land records registry that is globally applicable and free of jurisdiction, it added. “The Propy platform will bring the widespread commercial use of blockchain technology to the State of Vermont,” said Natalia Karayaneva, Propy’s CEO. “This change will enable South Burlington City Hall to further support their citizens by reducing costs and efficiently increasing government functions.”
According to Propy, this pilot will push the limits of blockchain technology as it applies to secure and efficient means for real estate transactions with the added layer of storing land management data affordably. Lowering cost was a big reason the city of South Burlington decided to evaluate blockchain technology with the program, said the company.
“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,” said Vermont Agency of Commerce and Community Development Secretary Michael Schirling. “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.”
According to Schirling, “The harmonious project with the city government is an example of real-world applications for blockchain technology and how it can have a positive impact on our community and the world.”