The blockchain-based real estate platform, Propy, is collaborating with the city of South Burlington, Vermont, to streamline their real estate record-keeping process.
Even though blockchain may be most well known for being the supporting technology of cryptocurrencies, it can be used in most industries, especially those that rely heavily on recording data.
According to Cision, Propy, a blockchain-based property platform, is partnering up with the City Clerk’s Office of South Burlington in Vermont to test out the viability of using the technology to record real estate conveyance documents.
Blockchain-Based Propy Breaks New Ground in Real Estate
Propy is a revolutionary property platform using blockchain technology to trade properties in many countries. Transactions can be completed using both fiat and virtual currencies, making cross-border payments an easy reality.
The international platform has offices in the US, Bulgaria, and Ukraine, as well as a professional team, comprising both blockchain and legal experts, that provides a secure and safe system for their clients.
Excitement over New Venture
The initiative is also making use of the services of Gravel & Shea, a Burlington-based legal team that specializes in blockchain-based commercial developments.
Natalia Karayaneva, CEO of Propy, had this to say:
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.
Michael Schirling, who is the Vermont Agency of Commerce and Community Development Secretary, discussed the agency’s excitement for the project:
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.
Donna Kinville, the City Clerk of South Burlington, touched on how this type of technology can improve service delivery:
The City of South Burlington is always interested in taking advantage of technology that enhances its delivery of services to residents. We are ready to learn from this Propy pilot.
Vermont Sees the Power of Blockchain
Vermont has embraced the power of blockchain and continues to consider the benefits that it can offer their government, their fintech sector, and the state as a whole.
By collaborating with a private blockchain-based platform, the Vermont and South Burlington governments are sending a clear message that they are more than willing to provide support to these platforms to essentially serve the greater good of the technology sector and economy of the city and state.
What do you think about Vermont’s willingness to embrace blockchain technology? Let us know in the comments below!
Images courtesy of Wikimedia Commons, Flickr, and Bitcoinist archives.