Gravel & Shea attorneys Michelle Farkas and Ethan McLaughlin presented “Bringing Blockchain to Vermont” to the Vermont Attorneys Title Corporation (VATC) this month. VATC provides title services to individuals and businesses purchasing real estate throughout the state, so developments in the way real estate transactions are recorded could impact their business and their clients.
The presentation focused on the details of a recently passed state statute—signed by the Governor on May 30—that creates two new entities: blockchain-based limited liability corporations and personal information protection companies. The law aims to support a growing tech industry while also protecting consumers.
Farkas and McLaughlin also shared information about real estate activity in Vermont. Gravel & Shea’s team of blockchain lawyers represented Propy in the recent sale of a South Burlington property using blockchain technology. It was the first all-blockchain real estate transaction in the United States. Donna Kinville, the town clerk for the City of South Burlington, joined the presentation to talk about the process from the city’s perspective.
Gravel & Shea is also representing Propy in a new blockchain-based sale that will take place in Burlington. “People were surprised that blockchain is really happening,” said Farkas. “I think it’s a good first step toward introducing them to the technology of the future.”
Gravel & Shea’s Blockchain Technology group specializes in analyzing and resolving legal issues related to blockchain technology.