Propy, Inc., a blockchain global real estate market based in Palo Alto, has announced the launch of A pilot program in South Burlington, Vermont use Blockchain technology to record real estate documentation, the latest related development in the state said "Blockchain-friendly"

The startup, led by its founder Natalia Karayaneva uses Blockchain protocols to record real estate transactions on a book of accounts that governments can use to securely and efficiently link securities to properties. Propy also works to match buyers with sellers and brokers and offers information on neighborhoods where properties are located.

Michael Schirling, Secretary of Development at the Vermont Business Development Agency. The pilot project is:

"emblematic of Vermont's long history of innovation in business, insurance and financial technology.We are lucky to have a framework cutting edge legislation that allows the use of blockchain technology, and we will continue to work with the legislature to ensure that Vermont remains at the forefront of these innovations. "

In 2015, The Vermont had passed a law on economic development that contained a section on Blockchain technology. The law required that a report be made on possible uses of Blockchain for the government, such as its potential for auditing state records and the use of smart contracts.

The real estate industry has long made use of Blockchain and tokenization protocols. In the United States, the Miami real estate industry has adopted cryptocurrencies and real estate transactions in New York and Lake Tahoe have occurred with Bitcoin transactions.

Internationally, properties in Dubai and Bali have also been sold. Propy also launched a pilot program in August 2017 in Ukraine, in partnership with the Agency for Electronic Governance of the country to allow foreign investors to buy property in Ukraine.