Propy uses blockchain protocols to keep a record of real estate transactions on a distributed ledger that’s totally immune from corruption. As a result, governments can use the ledger to link titles to properties securely and efficiently. Propy goes further than this too, using the blockchain to match sellers and brokers with buyers, and also offering information on neighborhoods where suitable properties are located.
According to Michael Schirling, development secretary at the Vermont Agency of Commerce and Community Development, the project is “emblematic of Vermont's long history of innovating business, insurance, and financial technology. 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.”
Vermont is known to be a “blockchain friendly” state, having passed a law in 2015 relating to economic development that included a section on the technology. The law called for a report to be created on the potential uses cases for blockchain by the local government, including verifiying state records and smart contracts.
The real estate industry itself is no stranger to blockchain either, with a number of property deals in Lake Tahoe, Miami and New York City being settled in bitcoin, the number one cryptocurrency.
As for Propy, the company is also involved in a pilot project in Ukraine, teaming up with that country’s Agency for E-Governance to use blockchain to keep track of real estate transactions.
With offices in Palo Alto, Bulgaria, and Ukraine, Propy's international team is headed by its founder, Natalia Karayaneva — a serial entrepreneur with extensive experience as an international real estate developer and broker. She is joined by a number of industry experts and leaders, including blockchain engineers from Fortune 5 companies who specialize in designing cryptographically protected security systems. Propy's team also includes legal personnel with experience in syndicating large real estate development projects, as well as a data-driven executive marketing team.