“The central idea to blockchain is that the rights to goods can be transacted, whether they be financial, hard assets, or ideas. The goal is not merely to record the plot of land but rather to record the rights involved so that the rights holder cannot be violated”
— Hernando de Soto
SOUTH BURLINGTON, Vt. – Vermont has a law on the books that supports the development of blockchain businesses, the first state to embrace cryptocurrency for land and other public records, holding the promise to make government more efficient and save taxpayers’ money.
Two years in the making, Senate Bill 269, now Act 205, requires the state to do an official review of how blockchain technology can be used to create and file public documents like land records.
South Burlington City Hall seemed like a natural place to hold Tuesday’s ceremonial signing. In February, a South Burlington woman used Propy, a Silicon Valley blockchain company, to record the deed when she sold her home. It was the first real estate deal anywhere in the U.S. to use blockchain. Gov. Scott signed the bill in May, so the Aug. 28 signing ceremony was purely ceremonial.
Propy aims to solve the problems of purchasing property remotely. Propy’s smart contracts create secure connections between the seller, buyer, realtors, title agent and notary to enable the seamless purchase of real estate online.
Act 205 enables the creation and regulation of personal information protection companies (PIPCs) and blockchain-based limited liability companies (BBLLCs). Act 205 also allows Propy to move forward with creating new software for title management. Powered by Blockchain technology, the software protects public data through decentralized storage and key management system.
“This new legislation holds the promise of making government more efficient, cost-effective and ultimately saving Vermonters money,” said Gov. Scott. “I thank South Burlington’s partner, Propy and its CEO Natalia for spearheading this project and for being here with us today.”
Natalia Karayaneva, the CEO of Propy, in a press release, stressed the significance of Propy’s involvement in the ceremonial bill signing of SB 269: “Through the pilot program, Vermont has demonstrated that blockchain companies have the full support of its state and local governments. Governor Scott has made tremendous progress in prioritizing business, insurance, and financial technology innovations at the legislative level. The enactment of SB 269 is clear evidence of his commitment to maintaining Vermont’s premier position as a supportive environment for blockchain technology companies.”
As part of their pilot program with South Burlington and Burlington, in July Propy transferred a parcel of land in Burlington from one legal entity to another, making this the first commercial real estate deed transfer to be recorded on the blockchain. Following the passing of SB 269 now Act 205, Propy will begin its next pilot with other smaller towns in Vermont.
Learn more about Propy at – https://propy.com
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We don’t just publish articles, XTRABYTES is a whole new blockchain platform that allows DApps to be programmed in any language, utilizing a new consensus algorithm called Proof of Signature. In doing so, XTRABYTES presents a next – generation blockchain solution capable of providing a diverse set of capabilities to the general public.