Early efforts to use blockchain technology for financial transactions are gathering momentum with the launch of a pilot project between Propy, a blockchain startup, and a Vermont city to use the digital ledger to record real estate deals.
Blockchain serves as a distributed ledger framework that posts transactions in real-time as cryptographically unique “blocks,” visible to authorized users. These blocks cannot be reversed or changed, with new additions to the ledger posted on top of the register of existing transactions.
The agreement between state and local officials and the startup based in Palo Alto, California, is among the first government projects designed to use crypto-currency technology in property transactions. Propy touted the deal this week as “paving the way to further government involvement.”