South Burlington, in Vermont, is trialling a land registration system that utilises blockchain technology for recording land ownership.
\r\nAccording to the latest announcement made by the City Clerk\'s Office, the city will be teaming up with Propy, a blockchain startup, to manage the data of those who buy land in the city. City officials hope the trial will prove successful in helping to provide a secure and more efficient ledger for recording purchases. They also hope that the trial may demonstrate how the tech can be used to cut costs when compared to traditional methods used to store data on transactions.
\r\nDonna Kinville, South Burlington\'s City Clerk, stated that city officials were always excited to take advantage of new technologies that could improve life for their citizens and that they hoped to do so through the Propy pilot.
\r\nGravel & Shea, a law firm that deals with the legalities surrounding the application of blockchain technology in grand-scale projects, has also been recruited for the pilot.
\r\nThe new pilot follows several previous Vermont-based blockchain projects. In 2017, the state researched the ways in which blockchain may be beneficial for government endeavours. The state hopes to publish their final report in November.
The blockchain industry has grown exponentially, disrupting traditional markets and creating new opportunities for innovation.
MoreThe UAE has amassed $40 billion in Bitcoin, solidifying its ambition to become a global cryptocurrency hub.
MoreAustralian Computer Scientist Craig Wright Found in Contempt by UK High Court
MoreIn a bold move reinforcing its commitment to cryptocurrency, MicroStrategy announced the acquisition of 5,262 bitcoins for $561 million, elevating its total Bitcoin holdings to an impressive 444,262 BTC, valued at approximately $42.1 billion.
More