On 22nd January 2018, Propy Inc. (Palo Alto, California, USA) announced, that they had launched a pilot project to develop a global real estate conveyance management system and global real estate data model as a blockchain. The blockchain-based solution would revolutionize global real estate purchasing and registration processes worldwide, according to the company.
The company referred to three partners having been committed to the project already, all based in Vermont, USA.
- City Clerk’s Office of South Burlington
- Agency of Commerce and Community Development
- Gravel & Shea PC Attorneys At Law
According to the announcement of the company, their products would consist of a global real estate property store, a transaction recorder and a global land records registry that was free of jurisdiction. The report did not, however, mention how the outlaw nature of the blockchain planned to respond the issue of overlapping or conflicting interests among diverse jurisdictions worldwide, or how many of those would be interested in giving up their sole monopoly for land record management for the global blockchain-based system.
The CEO of Propy Inc., Natalia Karayaneva, was quoted to have said, that the pilot project was to demonstrate how blockchain technologies can be useful in reducing costs of governance, improving the efficiency of management systems and furthermore improving their security in the way the data integrity can be guaranteed.
City Clerk Donna Kinville, a representative of The City of South Burlington, VT, USA, was quoted to have said, that the city was “always interested in taking advantage of technology” to enhance delivery of its services to the residents. Furthermore, the Clerk noted, that the City of Burlington was keen to learn more during this pilot with Propy Inc.
Furthermore, earlier a California-based news agency PRNewswire described The State of Vermont, USA, as having a “blockchain-friendly legislation” and that the State was “attracting innovative technology companies”. Furthermore, the agency noted, that this pilot demonstrates, that the State of Vermont has provided their full support and active participation in some technology companies.
Finally, the same news agency noted, that a number of blockchain engineers from Fortune 500 companies, and other experts and industry leaders had joined the efforts of the founder of the company, Propy Inc., Natalia Karayaneva. Her relevant experience as an international real estate broker, developer and as a serial entrepreneur was mentioned in the report when describing the company and the pilot project.
Along with the announcement, the company noted, that it has offices in Bulgaria within the European Union and Ukraine, in addition to the Palo Alto headquarters in California, USA.
Propy is the world’s first international real-estate marketplace. The team at Propy.com facilitates connections between international entities to enable the seamless purchase of international real-estate online for the first time. It aims to solve the problems facing international real estate transactions by creating a novel unified property store and asset transfer platform for the global real-estate industry.