Russia Is Testing a Blockchain Land Registry System

Russia Is Testing a Blockchain Land Registry System

The Russian government has announced its plans to begin testing a land registry system that relies on blockchain technology.

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The Russian government has announced its plans to begin testing a land registry system that relies on blockchain technology.

In an official statement, it is claimed that the trial will be assessed by the Ministry of Economic Development, the Federal Service for State Registration, Cadastre and Cartography (Rosreetr), the Federal Tax Service, and the Government of Moscow. The assessment will reportedly be completed by July 1, 2018. The ministry will then submit and release a final report on the trial by September 1.

“The use of blockchain will be aimed at increasing the availability of information on the property registry, guarantees of protection of property rights, as well as the level of citizens’ trust in the sphere of turnover of real estate“, according to the press release as translated by Coindesk.

The announcement regarding the test project comes seven months after Prime Minister Dmitry Medvedev asked two government ministers to start investigating the possible application of blockchain technology. As the minister explained at the time, he instructed the Ministry of Economic Development and the Ministry of Communications to consider the possibility of using these technologies in preparing the program “Digital Economy”.

Russia`s interest in blockchain technology is not surprising, considering the fact that more and more governments around the world start looking into its possible implementations. Sweden, Ukraine, and the United Kingdom have all announced their own land-registry projects based on blockchain technology. Moreover, two Brazilian municipalities and the Indian state of Andhra Pradesh have also made similar announcements recently.

Blockchain technology may soon be utilized by local governments. It is interesting to see what will be the technology`s real-life applications.

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