The authorities of Georgia signed an agreement to apply the Blockchain technology to confirm property transactions. Last April, the Georgian government and Bitcoin organization BitFury initiated a project to record land titles on the Blockchain. this is the first time a Georgian government is using the Blockchain technology to protect and authenticate state operations, consequently ushering in a belief in the technology that has wrongfully been painted black.
The personal Blockchain that will be a distributed ledger can also be provable using the Blockchain that is in the public domain. These days, a software program has been constructed and tested on some land title registrations. The Georgian national organization of Public Registry and BitFury signed a memorandum of understanding paving the way to increase offerings to the registration of latest land titles, demolition of assets, purchases and income of land titles, rentals as well as notary services.
There are numerous different initiatives specializing in Blockchain land title offerings apart from the BitFury and Republic of Georgia drive. This consists of Sweden, Honduras and Cook County in Chicago, which are being run by ChromaWay, Factcom and Velox respectively. Media reports hinted that Peruvian Economist Hernando de Soto is related to the Georgian project. De Soto, in his book mystery of Capital, estimates that there is dead capital of $20 trillion globally, including buildings and lands without legal title.
Georgia’s Minister of Justice, Tea Tsulukiani, said that she is optimistic her country could be able to work with Blockchain technology from this coming summer to have real estate quotations in a totally straightforward and avant-garde. Papuna Ugrekhelidze, chairperson of the Georgian countrywide agency of Public Registry, said in an announcement that his outfit is very thrilled with the technical development and looks forward to persevering with their fruitful collaboration.
BitFury CEO Valery Vavilov told the media that the Georgian government is enthusiastic about how the whole work was dealt with and executed with the current technique. He defined that all the modifications had been made at the back end and the only dichotomy for the residents of Georgia is that they can check if a title is valid while it is entered into the system.
Valery Vavilov stated:
“The huge aim is to move the process to smartphones, so people can use it 24/7 and all transactions are secured, transferrable and responsible.”
However, BitFury has been able to increase $90 million investment, which includes a $30 million funding by credit China FinTech Holdings in January. Applied on assets, Blockchain technology continues agreements in numerous models. In Blockchain-based entries, information are time-stamped, in addition to consequent changes to that information. The aforementioned would allow public members interested in a property to examine and establish the date of preceding sales.