A Palo Alto-based global Blockchainreal estate marketplace named Propy, Inc. announced the start of a new pilot program in South Burlington, Vermont to use Blockchain technology to record real estate documentation, the latest advancement in the purported “Blockchain-friendly” state.
The startup, lead by founder Natalia Karayaneva, employs Blockchain protocols to record real estate transactions on a ledger that governments can use to tie titles to properties safely and efficiently. Propy also works to help find both sellers and brokers for buyers and offers information about the neighborhoods the properties are located in.
Michael Schirling, development secretary at the Vermont Agency of Commerce and Community Development, said in a press release that this pilot project is “emblematic” of Vermont’s rich history of cutting-edge business, insurance, and financial technology.
In 2015, Vermont passed a law in relation to economic advancement, with a clause on Blockchain technology. The law stated that a report must be made on the possible uses of Blockchain for the government, such as its capacity for the verification of state records and the use of smart contracts.
For a long time now the real estate industry has made use Blockchain-protocols and tokenization. For example, the Miami real estate industry has embraced cryptocurrencies, and New York and Lake Tahoe have made property deals with Bitcoin transactions.
Even outside of the U.S. property has sold for Bitcoin, such as in Dubai and Bali. Moreover, propy had launched a pilot program in August 2017 in Ukraine, joining forces with the country’s Agency for E- Governance to permit foreign investors to purchase property in Ukraine.
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