City in Vermont Launches Blockchain-Based Real Estate Platform

The City of South Burlington, Vermont, has launched a blockchain based platform in collaboration with technology firm Propy Inc.

The new platform will facilitate and record real estate transactions, and a result, streamline the land registry functions of the city.

Blockchain and its distributed ledger technology (DLT) allows real-time sharing of data for its users. At the same time, the transparency that it provides prevents any possibility of modifying that recorded data.

Furthermore, it also has several high-level security functionalities that are unlike any other system available to the public. In addition to these basic functions, a blockchain platform can be customized and modified easily, to meet the requirements of the user or organization that utilizes it.

 City officials are excited about the project

By using the blockchain technology, the South Burlington’s City Clerk office aims to ensure that all recorded real estate transactions are shared effectively and securely while leaving no room for record tampering.

Vermont is one of the states that has been closely monitoring blockchain technology and the platforms that it brings to light, the most notable of which have been cryptocurrencies.

In a statement, Michael Schirling, Secretary of the Vermont Agency of Commerce and Community Development, explained the government division’s excitement for the project.

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.”

The officials are also aware that,  since it is the first project of its kind for the city, they will need to be patient and consider it as a learning curve for future projects as well. These thoughts were shared by the City Clerk Donna Kinville, who stated that the city is “ready to learn from this Propy pilot.”

Propy is just as excited

Propy, even while being a startup, is a prominent name in blockchain technology for the local community. It provides blockchain based real estate solutions through its platform, which facilitates online property listing in addition to recording transactions performed in both conventional currency and cryptocurrencies. The platform also holds a system for land record registration.

The same solutions are going to be provided to the City of South Burlington, and Propy is confident to achieve success in this pilot project by demonstrating the potential of blockchain technology for the mainstream user.

Natalia Karayaneva, Propy’s CEO, is very confident of the platform itself.

Karayaneva said:

“In parallel to making land record management systems significantly more efficient, Propy’s additional safeguards ensure additional data integrity.”

Blockchain is getting popular within local governments

The government of Moscow had also announced a blockchain based project in December 2017.

The local government had immense faith in blockchain, to the extent that it decided to run the pilot project for e-voting in its local city government program, which runs by the name of Active Citizen, and has held 1.9 million users as of last month.

By | 2018-01-30T04:53:04+00:00 January 30th, 2018|Cryptocurrency News|0 Comments

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