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Vermont has cemented itself as a leader in blockchain innovation as it endorses new legislation to allow for the development of blockchain businesses in the state. The new bill, titled S.269 (Act 205), will regulate the use of blockchain for a decentralized land registry and other public records.
The bill also positions the state of Vermont and Propy, a blockchain-based startup that has pioneered the development of decentralized land records, as public-private partners in the advancement of distributed ledger technologies for the state’s public records system.
The ultimate goal of the legislation is to enable efficient and cost-effective governance in Vermont. The bill will champion the expansion, education, and use of blockchain technology for public records. It will also serve as a legal backbone to personal information protection companies (PIPCs) and as a guideline for the administration of blockchain-based limited liability companies (BBLLCs). Propy as a partner will, therefore, be given the go-ahead to create blockchain-based software that is decentralized, covers key management systems in the state, while protecting public data.
According to Vermont’s Governor Phil Scott, the new bill “holds the promise of making government more efficient, cost-effective and ultimately saving Vermonters money.”
Propy’s partnership with the Vermont government isn’t a coincidence. Propy has pioneered government-backed real estate contracts in the United States on the blockchain. A South Burlington resident used Propy Blockchain Registry to record a home sale in February this year.
In July, Propy transferred land between two legal entities, becoming the first to undertake such a transaction on the blockchain. This bill will allow the extension of Propy’s pilot programme to other towns in the state.
Who is Propy
Propy is not your usual blockchain startup. The Silicon Valley-based company has already spearheaded the creation of a blockchain real estate ecosystem that uses smart contracts to connect title agents, realtors, sellers, and buyers to enable seamless deals in real estate purchase and sale.
Featured on Propy’s advisory board are notable personalities like Vinny Lingham (CEO of Civic), Daniel Kottke (first Apple employee), Michael Arrington (founder of TechCrunch), Bruce Cahan (Consulting Professor at Standford University), and David Cowan (Partner at Bessemer Venture Partners).