Propy launches blockchain pilot in Vermont to record real estate transfersThe technology stands to shrink the recording of real estate transfers to half the usual time, says Propy CEO
Global property startup Propy is launching a pilot program with the city clerk’s office in South Burlington, Vermont, where it is using blockchain technology to record real estate conveyance documents, that is, paperwork related to the transfer of property ownership.
Propy CEO Natalia Karayaneva told Inman that leveraging blockchain, a secure, distributed ledger, stands to shrink the recording of real estate transfers to half the usual time, and she is expecting other counties in Vermont to hop onboard the program.
The South Burlington-Propy pilot includes the local legal team of Gravel & Shea, a group of attorneys that looks at the legal aspects of commercial development using blockchain technology. It also includes Purcell International, a consulting firm specializing in technology, startups, and government/community liaison.
“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 at South Burlington.
https://www.inman.com/2018/01/24/propy-launches-blockchain-pilot-in-vermont-to-record-real-estate-transfers/