Georgia to Store Real Estate Documents in Blockchain System with Bitfury Group and Hernando de Soto

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The country of Georgia will introduce Blockchain technology in 2017 to enable citizens store and receive real estate extracts according to a report in Caucasus Business Week. Minister of Justice Tea Tsulukiani told the Business Contract.

“Thanks to efforts of Public Registry, Georgia is ready to join this system. We suppose that in 2017, as the first step of insertion of documents, we will store real estate extracts in the system. We will provide detailed information for our citizens. The main thing is that we have attained technical compatibility. As a result, Georgia will be one of the first countries in our regions and western Europe to establish this technology”,  Tsulukiani said.

According to Laura Shin,  writing at Forbes Bitcoin mining company BitFury, the Republic of Georgia’s National Agency of Public Registry and renowned Peruvian economist Hernando DeSoto announced Friday a partnership to design and pilot a Blockchain land titling project.

“We are launching the property rights registration project for Georgian citizens so that they can register property on the blockchain,” said Valery Vavilov, chief executive of BitFury.

“Why the blockchain? It will help do three major things,” he said. “First, it will add security to the data so the data cannot be corrupted. Second, by powering the registry with the blockchain, the public auditor will also make a real-time audit. So the auditor will audit the registry not once per year, but every 10 minutes [for example]. Third, it will reduce the friction in registration and the cost of property rights registration, because people could do this in the future using their smart phones. Blockchain will be used as a notary service.”

“We are launching the property rights registration project for Georgian citizens so that they can register property on the blockchain,” said Valery Vavilov, chief executive of BitFury.

“Why the blockchain? It will help do three major things,” he said. “First, it will add security to the data so the data cannot be corrupted. Second, by powering the registry with the blockchain, the public auditor will also make a real-time audit. So the auditor will audit the registry not once per year, but every 10 minutes [for example]. Third, it will reduce the friction in registration and the cost of property rights registration, because people could do this in the future using their smart phones. Blockchain will be used as a notary service.”

The BitFury Group, one of the world’s leading Blockchain technology companies, also announced in a blog post that it has partnered with the Republic of Georgia’s National Agency of Public Registry as well as world-renowned economist and president of the Institute for Liberty and Democracy Hernando de Soto, to design and implement a Blockchain-based land titling system.
 
“We are uniquely positioned in the Blockchain ecosystem to support this breakthrough process, demonstrate the power of the Blockchain and assist in further developing Georgia’s modern and transparent property registry,” said Valery Vavilov, CEO of The BitFury Group. “A secure property registry built on the Blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability.”

“We are thrilled to partner with The BitFury Group on this important project,” said Papuna Ugrekhelidze, the Chairman of the National Agency of Public Registry of Georgia. “By building a Blockchain-based property registry and taking full advantage of the security provided by the Blockchain technology, the Republic of Georgia can show the world that we are a modern, transparent and corruption-free country that can lead the world in changing the way land titling is done and pave the way to additional prosperity for all.”

“Nearly five billion people throughout the world live without property land title records. This reality puts so many at a great disadvantage,” said Hernando de Soto, renowned economist and founder and president of the Institute for Liberty and Democracy. “This important project will show that governments that transfer their property registries to a Blockchain-based system can establish a more transparent and well-recorded system that ultimately benefits the people and advances economic opportunity for all.”

Since 2008, people have been securely and successfully transferring cryptocurrency along the secure and unalterable Blockchain. A Blockchain-based records registry provides many ways to improve and streamline record processes, reduce friction and administrative costs, uncover hidden capital, and further advance the peer-to peer economy and The Economy of Things. 

Blockchain technology can strengthen security and governance and help lay a strong foundation for profound global and social change. From safeguarding property and voting rights, to financing the work of civil society, to combating identity theft and human trafficking, there are many exciting potential uses for Blockchain technology. Pilot projects are underway around the world to harness this opportunity. The BitFury Group is leading the way in the world of Blockchain land titling.

On April 22, internationally-acclaimed Peruvian economist Hernando de Soto will give a lecture on global poverty, property rights, and international development. Attendees will hear about groundbreaking methods of fighting poverty, enhancing development, and ensuring access to property rights for impoverished or disenfranchised populations. 
 
The event is open to all interested in attending. The venue is the newly opened Technology Park in the Republic of Georgia. Additional information on the event can be found here.

About Richard Kastelein

Richard Kastelein is the Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News, partner of token design and ICO architecture company Cryptoassets Design Group and co-founder and director at education company Blockchain Partners.

As a prominent keynote presenter, Kastelein has spoken on Blockchain at events in Gdansk, Beijing, Venice, Nanchang, Shanghai, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven, Bucharest, Munich, Nairobi, Tel Aviv, Manchester, Brussels, Barcelona, San Meteo etc, where he helped spread the cause for Blockchain technology and cryptocurrency and, consequently, has built a notable network in the scene.

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