Cryptocurrency is making headlines again—this time, in real estate. A pilot program in South Burlington, Vt.—initiated by global blockchain real estate marketplace Propy Inc.—marks the first U.S. deed recorded using only blockchain technology, according to multiple sources. In this case, Ethereum was used to transact and record contracts and documents instead of using the city’s recording system.
“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,” said Vermont Agency of Commerce and Community Development Secretary Michael Schirling in a statement. “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 pilot program was announced in January in partnership with the City Clerk’s Office of South Burlington. City representatives say Vermont’s legislation lends flexibility to blockchain use in real estate transactions.
“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,” said Natalia Karayaneva, CEO of Propy, in a statement. “In parallel to making land record management systems significantly more efficient, Propy’s additional safeguards ensure additional data integrity.”
If these blockchain pilot programs prove successful, brokerages may be more willing to transact using…