A city in Vermont plans to test blockchain technology for selected property sales as part of a pilot project with Propy.com, a global real estate marketplace with decentralized title registry. According to Realtor.com, the city of South Burlington will be using blockchain technology as part of its efforts to nurture its tech industry and foster job creation. For the project, the city will still use the traditional method for recording the deals and new titles, which will include the “hash” reference for the blockchain record.
Vermont is one of the most aggressive states that’s supporting the development of blockchain technology as part of its effort to stoke its tech industry and create jobs. In 2016, the state enacted a law that said transactions recorded with blockchain technology have “the presumption of admissibility from an evidentiary perspective,” according to Michael Pieciak, the state’s commissioner of financial regulations.
“One of our goals is to make the title transfer secure so it eliminates title insurance need,” said Natalia Karayaneva, chief executive of Propy.