Vermont, as known by many to be a “Blockchain-friendly” state, has recently hosted a pilot program launched by Global Blockchain real estate marketplace, Propy Inc.
Spearheaded by founder Natalia Karayaneva in South Burlington, the startup program aims to record real estate transactions using Blockchain protocols, to be stored on a ledger for a more secure and efficient method of linking properties with titles. The Palo Alto-based company also works to ensure that its clients are matched appropriately with brokers, and provides relevant information on the properties’ location.
In a recent press release, the Vermont Agency of Commerce and Community Development secretary, Michael Schirling described the pilot project as:
“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, a law was promulgated in Vermont in the interest of the state’s economic development. The law outlines a section mandating a detailed report on the potential introduction of Blockchain technology to government transactions. This report will delve into how the technology can be utilized in enhancing state records verification, as well as a possible integration of smart contracts.
Blockchain protocols and tokenization have long been utilized by the real estate industry in its business processes. Transactions involving digital currencies have been widely accepted in the US, including the Miami real estate industry, as well as New York and Lake Tahoe property deals.
Bitcoin has also been used as a means to sell properties internationally, including Dubai and Bali. As evidenced by a previously launched program in August 2017, where Propy has forged a partnership with Ukraine’s Agency for E-Governance. This pilot program was introduced for the purpose of enabling foreign investors to purchase real properties in Ukraine.