Propy Blockchain Land Title Registry Records Gets Vermont Governor Approval
Vermont Governor Signs Law Approving the use of Blockchain to Keep Land Registry Records
Blockchain business can now freely operate in Vermont after the state’s Governor Phil Scott signed bill S.269 (Act 205) into law. Notably, the new legislation demands for the review of the usage of distributed ledger technology for the keeping of public records, including land records. During the public signing event, Propy CEO Natalia Karayaneva outlined the role her company in teaching people about distributed ledger technology and in establishing the first property deed bearing blockchain info in the US. The signing of this bill cements the position of Vermont as a global blockchain trailblazer, while also marking a significant milestone in Propy’s endeavor of supporting blockchain startups.
Additionally, the S.269 bill proposes the introduction of studies to promote increased usage and adoption of blockchains and also permits the establishment and registration of blockchain –based companies. Also, as mentioned earlier, the law will allow the government to leverage blockchain technology in keeping its records. In this regard, the role of Propy will be the development of a software infrastructure for management of titles. The security of the public records will be provided through decentralized storage and a key management system.
Governor Phil Scott lauded the new law, saying that it would increase the efficiency of government operations and make them more affordable, thereby saving money for Vermont residents. The governor also thanked Propy and Natalia for steering the project until its completion.
The pilot phase of this project was first conducted in Burlington, where Propy became the first company to record a government-backed property transfer on a blockchain. In February, Propy Blockchain Registry was used by Burlington native to record the sale of a home. Last month, Propy transferred a piece of land from one individual to another, therefore achieving the feat mentioned earlier. The approval of this new law will allow Propy to extend its services to other town in Vermont.
Lastly, Propy’s CEO reiterated the importance of the company, citing the success of the pilot program as sufficient demonstration of their excellence. She also praised the governor and Vermont state at large for adopting a friendly stance towards blockchain companies.
Propy is a real estate company that leverages blockchain technology to solve the issues facing the remote purchasing of property. The platform relies on smart contracts to facilitate the seamless transfer of property and funds between the two trading parties.