Land Registration System Start to Use Blockchain for Maintain Records
The city of South Burlington, Vermont, is trialing a land registration system which uses blockchain as part of a system for recording ownership.
The City Clerk's Office announced that it was partnering with blockchain startup to store land record management data. The pilot’s aim is to develop a more efficient and secure ledger for real estate transactions with an additional goal of evaluating how well using a blockchain-based platform will reduce the costs of storing land management data when compared to traditional systems.
South Burlington is the latest government to look into using a blockchain for land registration.
The state of Vermont has launched several blockchain initiatives in the past, most recently with a bill proposing the regulation of companies operating or trading in cryptocurrencies. If passed, the bill would have these companies pay a tax of one cent per dollar on every transaction executed by the company.