Propy has announced, along with the city of South Burlington, that it has completed a real estate transaction blockchain trail.
The blockchain registry system was studied for six weeks with the city Land Recorder's office.
Property deeds filed with the U.S. Land Recorder’s office were also fed into Propy’s title registry software. While Propy is best known for providing real estate transaction management software for brokers and agents, it also has a title registry solution for government departments, which was the subject of the South Burlington trial.
Real estate titles registered using Propy’s solution include an address on the public Ethereum blockchain.
The company’s core software for brokers and agents enables the listing of properties, completion of documentation and digital payments, with the facility to record ownership on the blockchain registry.
The broker/agent solution helps to prevent wire fraud that can happen if the recipient’s bank details are intercepted when sent via email. Additionally, it provides real-time transaction monitoring and integrates DocuSign, a digital solution for signing agreements.
Coming back to the land registry trial, one of the reasons it is in Vermont is the 2018 blockchain legislation passed in the State in which Propy played a prominent role. While the bill was quite broad, it included a clause that recommends legislation to support the “possible” use of blockchain technology for land records.
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