In an announcement last month from the Georgia Minister of Justice, Tea Tsulukiani, the country of Georgia is set to introduce a blockchain platform t
In an announcement last month from the Georgia Minister of Justice, Tea Tsulukiani, the country of Georgia is set to introduce a blockchain platform this year, 2017. The blockchain platform that will be implemented is centered on information on real estate in the country. Now the citizens will be able to receive this information digitally upon the implementation of the project.
This is all thanks to the efforts put in place by the Public Registry to ensure that the country is ready to join the system. The move makes Georgia one of the first countries in their region and in Western Europe to attain this technology. The move follows in efforts of other places like the Dutch city of Rotterdam who also initiated and implemented a blockchain project for their lease contracts.
The reason as to why blockchain project are becoming increasingly popular is because they inherently resist the modification of the data maintained in the order. This makes them secure explaining why the use of blockchain is appealing. They are also managed autonomously. The earliest form of blockchain was invented by Satoshi Nakamoto in 2008 and was implemented the following year. It was used in the bitcoin digital currency as the major component. The bitcoin design blueprint has been used in the making of other similar applications
In line with the Netherlands, a bank called ABNAMRO funded the development of a blockchain application called Torch. The project was developed in partnership with IBM, which is a software giant. The software makes records available to literally anyone concerned with the record details.
In the United States, blockchain system has also been implemented in Cook County, Illinois. It is used for conveyance of the properties in the county. The project was developed by a blockchain development company called Velox. The system prevents fraud in the conveyance of property as the records cannot be altered retroactively. The system is among the earliest government efforts in using the bitcoin technology.