Propy reached another milestone, with the recent signing of a new memorandum in South Burlington, Vermont. The small city of approximately 19,000 people is launching a pilot test of Propy’s technology, which is a significant step for the organization and the blockchain community as a whole.
Vermont and Propy Bring Blockchain Title Registry to Life
In this innovative pilot project, South Burlington is initiating a blockchain-based title registry with actual deeds. Traditionally, when someone purchases a property, a title deed is produced; the closing agent submits the title deed to the land registry office. From there, the land registry office copies the documents. It stamps the original one and returns it to the closing agent. Then, the closing agent records a copy of it for his or her database. Often, this can be a long and tedious process. However, with blockchain technology and Propy, this process will become more streamlined and transparent.
Propy Helps South Burlington to Eliminate Unnecessary Bureaucracy
Going forward, the city of South Burlington will store deed copies on the Ethereum blockchain, with Propy’s assistance. Propy will cooperate with the city government for scanning, hashing, and storing all documents. The advantage of this is the transparency of the blockchain. All content that is stored on the blockchain is visible to all relevant parties that are involved in the transactions. There is also an authentic proof of record, as no one can change the stored documents.
South Burlington Serves as Testing Ground for Blockchain Technology
As blockchain technology slowly makes its way into the lives of mainstream audiences, Propy’s program in South Burlington will serve as a crucial pilot test for this innovation. If it is successful, other cities and state governments will start blockchain initiatives of their own.
Slow bureaucracy has always been a crutch for governments around the world. With blockchain technology providing increased efficiency, waiting times will be reduced.