Republic of Georgia Massive Plan To Use Blockchain Platform For Real Estate Documents

In News

The country of Georgia is set to introduce and implement a blockchain platform that will enable citizens to receive information about real estate digitally from documents stored on the distributed ledger.

Announced last month by Georgia’s Minister of Justice Tea Tsulukiani, the blockchain platform will be put to use this year, in 2017.

In quotes reported by regional publication CBW, the official added:

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.

News of Georgia’s sweeping state-backed move to store real estate documents on a blockchain follows other similarly notable endeavors in recent times. For instance, the Dutch city of Rotterdam announced its aim to develop a blockchain project pilot that will conclude legally binding lease contracts in real estate within the city.

Sticking with Netherlands, banking giant ABN AMRO launched a blockchain application called Torch, last month. Developed in partnership with IBM, the blockchain app will record detailsaccessible by buyers, sellers, landlords, tenants, banks, notaries and even regulators.

Moving stateside, properties in Cook County in Illinois, US, will be the first to be conveyed on a blockchain by a government agency. Developed by Velox, a blockchain technology provider, the project will help provide better information on vacant Chicago buildings to prevent fraudulent conveyance of property. The government office sees blockchain technology to enable a ‘next generation land records system’ and is among the earliest known efforts of a government agency tapping the bitcoin blockchain for a real-world project.

Image of Tbilisi, Georgia from Shutterstock.


You may also read!

Personal information

US Senator Demands Internet with ‘Do Not Track List’ For Personal Information

Do you think that personal data should be shared with websites? US Senator Josh Hawley thinks otherwise. As a

Online Security

Survey Shows Internet Users Have Terrible Online Security

How secure is your online privacy? Internet users might have no conception that their personal information entered online are

Louis Vuitton

Louis Vuitton Leverages on Blockchain to Verify Fake Products

Is there anything else that blockchain cannot do? Louis Vuitton along with ConsenSys and Microsoft have teamed up to


Leave a reply:

Your email address will not be published.

Mobile Sliding Menu