California blockchain startup Propy announced on Monday it has launched a pilot project in collaboration with South Burlington, Vermont city officials to utilize blockchain technology to record real estate conveyance documents. While sharing details about the partnership, Natalia Karayaneva, CEO of Propy, said:
“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.”
Vermont Agency of Commerce and Community Development Secretary Michael Schirling, also revealed:
“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.”
Propy stated it 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. The company also noted that the joint public-private pilot program demonstrates that technology companies have the full support and active participation of Vermont’s state and local governments.
The company went on to add that 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.