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The Republic of Georgia is expanding the use of blockchain-based land-titling services, following a successful trial of land title registrations in the second half of 2016.
Blockchain technology provider Bitfury Group has announced on Thursday that its blockchain land-titling project it is developing with the government of Georgia keeps advancing and will continue to progress this year.
In April 2016, the Georgian National Agency of Public Registry (NAPR) entered into a partnership with Bitfury Group and Peruvian economist Hernando De Soto to build and pilot a property registry using the distributed ledger technology.
The project is now entering the next phase as the parties have inked a memorandum of understanding to expand the blockchain solutions to the sales of land titles, rentals, mortgages, demolition of property, and other services.
“The Bitfury Group is moving full speed ahead with the innovative government of the Republic of Georgia to advance the creation of Blockchain technology pilot projects, including our Blockchain land-titling project with the National Agency of Public Registry,” said Bitfury CEO, Valery Vavilov.
“With this technology, where there is a will, there is a way. And thanks to the forward-looking Georgian government, there is a will. The possibilities for trusted solutions are limitless, and the land-titling project is the first of many creative solutions projects we are developing in concert with the Republic of Georgia and the Blockchain Trust Accelerator to better serve its citizens.”
Georgia will become the first country to use the bitcoin technology to secure official government transactions. Tea Tsulukiani, Georgia’s Minister of Justice, said that the Ministry of Justice of Georgia is “the leading ministry in the field of new technologies in terms of e-government, together with two other colleague ministries.” “We will be able to work with Blockchain technology from this summer [to] place real estate extracts in a totally safe and innovative system,” he said.
Currently, to buy or sell land you have to physically visit a public registry, which can take a lot of time. By using the blockchain, the new registry will speed up the registration process thus providing significant time savings. In addition, the process, which earlier cost in the range of $50 and $200, will cost no more than 10 cents.
In 2015, Bitfury opened its third data center located in the Republic of Georgia. The center provides provides significant energy savings by using Two-Phase Immersion Cooling with 3M Novec Engineered Fluid.
The latest project demonstrates that blockchain, which had been involved in different kinds of criminal activities, is getting recognized as a technology with great potential.
At the World Economic Forum 2017 Annual Meeting in Davos, Bitfury highlighted the need to bring the blockchain ecosystem together, connecting blockchain and business worlds. During the event, the company announced the launch of the Global Blockchain Business Council (GBBC), a group that will serve as a forum for cooperation and partnerships in the blockchain sphere.
Bitfury has recently partnered with Hong Kong-based fintech company Credit China Fintech Holdings to drive the adoption of the technology in China. The companies are going to set up a joint venture that will be used to sell Bitfury’s bitcoin mining equipment. Under the agreement, Credit China Fintech will invest $30 million in Bitfury shares.