Propy, a global real estate marketplace allowing buyers, sellers, and all other parties to come together through blockchain smart contracts today announced the launch of a pilot project to develop a global real estate conveyance management system and global real estate data model as a blockchain.
According to the announcement from Propy, 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.
Propy referred to three partners based in Vermont already committed to the project including City Clerk’s Office of South Burlington, Agency of Commerce and Community Development, and Gravel & Shea PC Attorneys At Law.
CEO of Propy, 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 set up offices in Bulgaria within the European Union and Ukraine, in addition to the Palo Alto headquarters in California, USA.