The first title transfer recorded via blockchain in the United States is, in all likelihood, in South Burlington, Vermont. The city clerks, lawyers and entrepreneurs involved can’t say for sure, but their transfer is making noise as the first recorded on the distributed ledger stateside. A startup called Propy launched a pilot program with three towns in Vermont in January pledging to complete real estate conveyance documents via blockchain. Blockchain is the technology that powers bitcoin and other cryptocurrencies — it’s essentially a virtual ledger system that stores data across participants’ computers, keeping track of who owns something (such as an amount of a currency) as well as transactions. Blockchains can also be used to facilitate secure financial transactions in other areas, too, including banking and real estate. The first transaction through Propy’s Vermont pilot program was completed by homeowner Katherine Purcell in South Burlington last month. Purcell worked…
Source: click here
Loading ...