Find Real Estate Agents and Homes for Sale

Real Estate News --> Arizona News

Propy launches blockchain pilot in Vermont to record real estate transfers

Propy chose Vermont for its first pilot in real estate transfers because the state was the first to launch blockchain legislation. Propy will likely target other blockchain-friendly states for future pilots, starting with Nevada, Arizona, Delaware and ...

Archived Story

FasterBetterTogether.Inman Connect San Francisco, Jul 16-20, 2018 Learn More Global property startup Propy is launching a pilot program with the city clerk’s office in South Burlington, Vermont, where it is using blockchain technology to record real estate conveyance documents, that is, paperwork related to the transfer of property ownership. Propy CEO Natalia Karayaneva told Inman that leveraging blockchain, a secure, distributed ledger, stands to shrink the recording of real estate transfers to half the usual time, and she is expecting other counties in Vermont to hop onboard the program. The South Burlington-Propy pilot includes the local legal team of Gravel & Shea, a group of attorneys that looks at the legal aspects of commercial development using blockchain technologyIt also includes Purcell International, a consulting firm specializing in technology, startups, and government/community liaison. “The City of South Burlington is always interested in taking advantage of technology that enhances its delivery of services to residentsWe are ready to learn from this Propy pilot,” said Donna Kinville, City Clerk at South Burlington. CEO (Natalia Karayaneva) and CTO (Alex Voloshyn) of Propy with Governor Phil Scott of Vermont and Propy’s partners at Gravel and Shea For agents in the area, what will the pilot — and the use of this technology — mean for their businesses? “It will help them to streamline the entire process,” said Karayaneva“They can open the platform on Propy and close the entire deal online, get the title deed in an electronic way on the app or the website, and deliver it to the user/buyer right away.”Get an edge with smart home tech in 20183 ways real estate agents can stay ahead of the smart home trend READ MORE Propy’s blockchain-enabled platform currently comprises an online and mobile global real estate property store and peer-to-peer marketplace, a transaction recorder for the remote handling of fiat and other cryptocurrencies, and a land records registry that is globally applicable and free of jurisdiction. Though Propy is Silicon Valley-based, Propy chose Vermont for its first pilot in real estate transfers because the state was the first to launch blockchain legislationPropy will likely target other blockchain-friendly states for future pilots, starting with Nevada, Arizona, Delaware and Illinois, said the CEO. Propy announced at the end of December that it was launching the alpha version of its blockchain-based transaction tool, which allows individuals to buy and sell properties in California using bitcoinThe company said in a press release that it would allow users to buy property online and across borders, and was “an excellent outlet for quickly transferring bitcoin wealth into hard assets.” Karayaneva told Inman that the conversations about cryptocurrencies and blockchain are becoming easier as they become more high-profile. “We have been educating leading real estate brokerages on blockchain for at least two years,” she said“These are Fortune 500 companies, CEOs in London, Singapore and the U.SThey are very excited now, they are starting to be advocates of the tech.” The fear from agents has been that the technology would disrupt their business, but now they are excited about certain elements, such as proof of payment“Our strategy has been to empower brokers,” said Karayaneva. Propy Chief Technology Officer Alexander Voloshyn said that concerns loom in the industry about wire fraud, and that blockchain, which powers digital currencies such as bitcoin and ethereum, is a solution to that. Brokerages have wanted to know how to transfer a big amount of money using bitcoin — one concern they had was that if you mess up the address of the bitcoin, you will lose the money forever — said VoloshynPropy has solved this by issuing certificates of verification which send a small amount first, he told Inman. Propy, which launched in 2016, now has 20 staff membersIt raised $15 million in cryptocurrency last September, the majority of which the company has held onto as cryptocurrency in the form of bitcoin, ethereum and rippleThe funds are now worth $30 million or $40 million USD, according to Karayaneva. Email Gill South. Article image credited to Photo by William Bout on Unsplash Trending Pete Flint: Technology will kill traditional real estate by Emma Hinchliffe | Jan 26 10 cities where you can live by the beach for a bargain by Marian McPherson | Jan 23 Compass CEO Robert Reffkin's 8 trends to expect by 2028 by Jotham ?Sederstrom | Jan 24 Here's how much the typical Redfin agent makes by Marian McPherson | Jan 25 The 5 sales scripts every real estate agent needs by Tom Ferry | Jan 15 Show Comments Hide Comments Comments Related Articles ‘Propy’ gets $15M on promise of digital currency real estate investment Want to own part of Ukraine or China? Platform facilitates global transactions using Ethereum blockchain in 'Amazon'-like marketplace by Bryson Masse | Sep 25 'Blockchain for title deeds' unveiled Technology from Propy could automate the title transfer process by Teke Wiggin | Nov 17 BoxBrownie unveils 360-degree photo enhancement service Perfects the lighting and look of your property visuals using bracketing, item removal and exterior view enhancement by Craig CRowe | Jan 24 Back to top Inman About Contact Support Advertise Sponsor Connect Careers Code of Conduct Privacy Terms of Use Products Select Inman Pro Market Intel Community Inman Facebook group Agent War Room Broker War Room Vendor Exchange Contributor submissions Image submissions Awards Inman 101 Inman Innovators Inman Influencers

Trending Arizona News:

  • Flip, Rent, or Hold: What's the Best Path to Real Estate Riches?
  • Cut Costs by Curing These 14 Home Headaches
  • Couple posing as real estate agent, homebuyer sentenced in burglaries
  • Real estate deals: Apartments move for $77M in Tempe, $50M in Scottsdale
  • 2 of 3 Ahwatukee ZIPS have some of Arizona’s priciest homes
  • Vacationers from Alberta and Saskatchewan eyeing B.C. recreational real estate
  • It's Raining Cats in This Arizona Cabin for Feline Lovers
  • Vistancia tops in master planned community sales
  • FC Acquires National Footprint within Coldwell Banker Commercial Advisors and Establishes Advisors Commercial Real Estate
  • Propy launches blockchain pilot in Vermont to record real estate transfers
  • Bill Gates buys huge chunk of land in Arizona to build 'smart city'
  • Fewer D-FW homes are headed for foreclosure
  • Winnipeg mayor buys house from developer's sister
  • Homes are where their heart is
  • Titan raises $80M for Real Estate Fund I
  • Arizona home dubbed world’s tallest family house heading to auction block
  • LA Dodgers Andre Ethier’s Arizona Home for Sale Is an Athlete’s Playground
  • Mattamy Homes Announces New President for its Phoenix Division
  • Arizona Pension Buys 50% Stake in Real-Estate Manager Mill Creek
  • The Residences at Oak Receive Construction Loan