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New Blockchain Law Passed in Vermont Following Propy's Successful Title Registry Project

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Propy's Land Records Project Advances With Signing of New Blockchain
Law

Act 205 Solidifies Vermont and Propy as Leading Public-Private
Blockchain Partners

Vermont Governor Phil Scott today ceremonially signed into law bill
S.269 (Act 205), legislation supporting the development of blockchain
businesses in Vermont. The new law mandates the review of blockchain
technology usage for the recording of land records and other public
records. Propy CEO Natalia Karayaneva was featured at the public signing
ceremony, speaking on Propy's role in providing blockchain education and
in creating the first property deed in the United States bearing
blockchain information. The signing of S.269 reinforces Vermont's
position as a global technology innovation leader and marks Propy's
progress in supporting blockchain-friendly initiatives in the United
States and globally.

S.269 creates studies for expanding the use and adoption of blockchain
technology and enables the creation and regulation of personal
information protection companies (PIPCs) and blockchain-based limited
liability companies (BBLLCs). Notably, the bill also creates a study for
the potential use of blockchain technology in government records. S.269
(Act 205) enables Propy to move forward with creating new software for
title management. Powered by Blockchain technology, the software
protects public data through a decentralized storage and key management
system.

"This new legislation holds the promise of making government more
efficient, cost effective and ultimately saving Vermonters money,"
stated Vermont's Governor Phil Scott. "I thank South Burlington's
partner, Propy and its CEO Natalia for spearheading this project and for
being here with us today."

As part of their pilot program with South Burlington and Burlington,
Propy has recorded the first ever government-supported real estate deals
in the US on the blockchain. In February, a South Burlington resident
used the Propy Blockchain Registry to record the sale of her home. In
July, Propy transferred a parcel of land in Burlington from one legal
entity to another, making this the first commercial real estate deed
transfer to be recorded on the blockchain. Following the passing of
S.269, now Act 205, Propy will begin its next pilot with other smaller
towns in Vermont.

Natalia Karayaneva, the CEO of Propy, stressed the significance of
Propy's involvement in the ceremonial bill signing of S.269: "Through
the pilot program, Vermont has demonstrated that blockchain companies
have the full support of its state and local governments. Governor Scott
has made tremendous progress in prioritizing business, insurance, and
financial technology innovations at the legislative level. The enactment
of S.269 is clear evidence of his commitment to maintaining Vermont's
premier position as a supportive environment for blockchain technology
companies."

About Propy

Propy
is the world's pioneer in blockchain for real estate, aimed at solving
the problems of purchasing property remotely. Propy's smart contracts
facilitate secure connections between the seller, buyer, realtors, title
agent and/or notary to enable the seamless purchase of real estate
online. The Silicon Valley-based company is advised by Alain Pinel
(Intero Real Estate), Michael Arrington (founder of TechCrunch), Vinny
Lingham (CEO of Civic), David Cowan (Partner at Bessemer Venture
Partners), Daniel Kottke (first Apple employee), and Bruce Cahan
(Consulting Professor at Stanford University). Learn more about Propy at
https://propy.com
Follow on Twitter at – https://twitter.com/Propyinc/
Follow on Facebook at – https://www.facebook.com/Propyinc/
Join our network on LinkedIn ~ https://www.linkedin.com/company/propy-inc-/
Join the discussion on Telegram – https://t.me/PROPY
Download the app from AppStore – https://itunes.apple.com/us/app/propy-buy-rent-properties/id1017369540?mt=8

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