Blockchain.
It seems that one can’t go five minutes without hearing something else about how blockchain is the future of this industry or the future of that industry.
While blockchain is often confused for Bitcoin, the two are not the same.
Blockchain is the technology that powers Bitcoin. Blockchain is a ledger technology that allows multiple users across different computers to record and track transactions in a decentralized database.
Transactions recorded on a blockchain cannot be altered, which means that blockchain could have utility for the real estate industry.
While many have discussed what that utility could be, one company is launching a pilot that aims to show how blockchain can be used for real estate conveyance.
Propy, a California-based blockchain startup, is partnering with the city of South Burlington, Vermont, to use blockchain technology to record real estate conveyance documents.
According to Propy, Vermont is one of the first states to allow blockchain to be used for conveyance documents.
“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,” Natalia Karayaneva, CEO of Propy, said. “In parallel to making land record management systems significantly more efficient, Propy’s additional safeguards ensure additional data integrity.”
Propy offers a blockchain-enabled platform featuring an online and mobile global real estate property store and peer-to-peer marketplace, a transaction recorder for the remote handling of fiat and other cryptocurrencies, and a land records registry that is globally applicable and free of jurisdiction.
“The City of South Burlington is always interested in taking advantage of technology that enhances its delivery of services to residents,” said Donna Kinville, South Burlington’s city clerk. “We are ready to learn from this Propy pilot.”
Vermont Agency of Commerce and Community Development Secretary Michael Schirling said that the state is excited to monitor the pilot to see how blockchain usage can be expanded in the future.
“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,” Schirling said. “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.”
