Georgia Willing To Embrace Blockchain Technology In Real Estate

Georgia Willing To Embrace Blockchain Technology In Real Estate

There are many local publications including Caucasus Business Week which talk about Georgia willing to embrace Blockchain technology for securing real

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There are many local publications including Caucasus Business Week which talk about Georgia willing to embrace Blockchain technology for securing real estate documents. This is the statement coming from Tea Tsulukiani, Minister Of Justice of Georgia. He mentioned that the intelligence agencies and government’s development have the required technological wherewithal to successfully use Blockchain the properties of millions of its people. He had the following to say.

Because of the efforts of the Public Registry, Georgia is today ready to be a part of the mainstream. According to Tsulukiani 2017 will be the year when the documents will be inserted in the system. This will help the government to provide detailed information to the citizens. This is possible because of having acquired the technical capability. It will therefore become one of the few countries in Western Europe and this reason to embrace this technology.

Real Estate Documents Will Be Embedded

Tsulukiani goes on to state that the Georgian Minister for Justice and other government departments are working closely to insert real estate documents into the Blockchain networking in the months to come. If this massive exercise proves successful, and if it leads to availability of real estate data on Blockchain platform, it will be the first where Blockchain technology would have been used for effective real estate data management on a nationwide scale.

The Finer Print Is Yet To Come

As of today the full details are not available from the Georgian government as far as the technicalities are concerned. However, it is believed that there is a partnership between BitFury and Georgian Ministry of Justice and this has led the project taking off. The development team of BitFury is behind the development of this project and it all happened in April 2016 when Valery Vavilov CEO of BItFury and Papuna Ugrekhelidze, Chairman of National Agency of Public Registry of Georgia signed the agreement giving a go ahead to this project.

During the signing ceremony George Kikvadze Vice-Chairman of BitFury’s Board believed that this agreement when implemented in letter and spirit would help in giving Georgian real estate industry, the much needed reform and help in overhauling the infrastructure with new and improved technology.

The government certainly is committed to reform. The support to this project has come from the Prime Minister and also the technical team of the government is favorably inclined towards it. Unlike many other projects to reform the real estate industry, this move is likely to go the full distance because of the trust and goodwill that the stakeholders have on Blockchain and Bitcoin. This is possible because of the good reputation that BitFury enjoys.

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