Propy is pleased to announce the launch of a pilot project with the city clerk’s office of South Burlington, Vermont to utilize blockchain technology to record real estate conveyance documents. This project would not have gotten off the ground without the tremendous support of Vermont’s governor Phil Scott and the hard work of his staff and the Propy team.
Vermont is a recognized state for having blockchain-friendly legislation to attract innovative tech companies. And Propy being the leading global blockchain real estate platform was the obvious choice for furthering their goal of making land record management systems fast and efficient. “The Propy platform will bring the widespread commercial use of blockchain technology to the State of Vermont. This change will enable South Burlington City Hall to further support their citizens by reducing costs and efficiently increasing government functions,” said Natalia Karayaneva, CEO of Propy.
This is the second achievement of Propy’s team and their work with governments. In August 2017 an MOU with the government Ukraine was signed and then in September 2017 marked yet another historical milestone of the first-ever property to be bought and sold using blockchain, heralding a new era of transparent and efficient real estate transactions.
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 incentive for the city of South Burlington to evaluate blockchain technology and run this pilot.
“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.
This joint public-private pilot program demonstrates that technology companies have the full support and active participation of Vermont’s state and local governments. 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.
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VP of Marketing & Communications @ Propy