Blockchain, The Domino Effect: One State Down, 49 To Go
Propy, Inc., a Palo Alto California-based block chain startup — is pleased to announce the launch of a pilot project in collaboration with the City Clerk’s Office of South Burlington, VT to utilize blockchain technology to record real estate conveyance documents.As a recognized leader in the creation of blockchain-friendly legislation, Vermont is focused on attracting innovative technology companies such as Propy, the leading global blockchain real estate platform. “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,” said Natalia Karayaneva, CEO of Propy.
“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,“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,” said Donna Kinville, City Clerk, South Burlington, VT, Propy provides a real-world platform for the State of Vermont to continue studying and developing public policy for the continued creation, support, and growth of a sustainable and diversified economy around the Fintech sector. 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 South Burlington-Propy pilot includes the Burlington based legal team of Gravel & Shea, a group of attorneys focused on the legal aspects of commercial development using blockchain technology. Also included is Purcell International, a consulting firm specializing in technology, startups, and government/community liaison.