Propy, Inc., a Palo Alto-based global Blockchain real estate marketplace, announced the launch of a pilot program in South Burlington, Vermont to use Blockchain technology to record real estate documentation, the latest related development in the so-called “Blockchain-friendly” state.
The startup, headed by founder Natalia Karayaneva, uses Blockchain protocols to record real estate transactions on a ledger that governments can use to tie titles to properties securely and efficiently. Propy also works to match buyers with both seller and brokers and offers information on neighborhoods where the properties are located.
Michael Schirling, development secretary at the Vermont Agency of Commerce and Community Development, said in the press release that this pilot project 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.”
In 2015, Vermont had passed a law related to economic development that contained a section on Blockchain technology. The law mandated that a report be made on the possible uses of Blockchain for the government, such as its potential for the verification of state records and the use of smart contracts.
The real estate industry has already long been making use of Blockchain-protocols and tokenization. In the US, the Miami real estate industry has embraced cryptocurrencies, and property deals in New York and Lake Tahoe have taken place with Bitcoin transactions.
Internationally, property in Dubai and Bali has sold for Bitcoin as well. Propy also previously launched a pilot program in August 2017 in Ukraine, partnering with the country’s Agency for E- Governance to allow foreign investors to purchase property in Ukraine.