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The country of Georgia will introduce Blockchain technology in 2017 to enable citizens store and receive real estate extracts according to a report in Caucasus Business Week. Minister of Justice Tea Tsulukiani told the Business Contract.

“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”,  Tsulukiani said.

According to Laura Shin,  writing at Forbes Bitcoin mining company BitFury, the Republic of Georgia’s National Agency of Public Registry and renowned Peruvian economist Hernando DeSoto announced Friday a partnership to design and pilot a Blockchain land titling project.

“We are launching the property rights registration project for Georgian citizens so that they can register property on the blockchain,” said Valery Vavilov, chief executive of BitFury.“Why the blockchain? It will help do three major things,” he said.

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“First, it will add security to the data so the data cannot be corrupted.

Second, by powering the registry with the blockchain, the public auditor will also make a real-time audit. So the auditor will audit the registry not once per year, but every 10 minutes [for example].

Third, it will reduce the friction in registration and the cost of property rights registration, because people could do this in the future using their smart phones. Blockchain will be used as a notary service.”“We are launching the property rights registration project for Georgian citizens so that they can register property on the blockchain,” said Valery Vavilov, chief executive of BitFury.“

Why the blockchain? It will help do three major things,” he said. “First, it will add security to the data so the data cannot be corrupted. Second, by powering the registry with the blockchain, the public auditor will also make a real-time audit. So the auditor will audit the registry not once per year, but every 10 minutes [for example]. Third, it will reduce the friction in registration and the cost of property rights registration, because people could do this in the future using their smart phones. Blockchain will be used as a notary service.”

The BitFury Group, one of the world’s leading Blockchain technology companies, also announced in a blog post that it has partnered with the Republic of Georgia’s National Agency of Public Registry as well as world-renowned economist and president of the Institute for Liberty and Democracy Hernando de Soto, to design and implement a Blockchain-based land titling system.

“We are uniquely positioned in the Blockchain ecosystem to support this breakthrough process, demonstrate the power of the Blockchain and assist in further developing Georgia’s modern and transparent property registry,” said Valery Vavilov.

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Since 2008, people have been securely and successfully transferring cryptocurrency along the secure and unalterable Blockchain. A Blockchain-based records registry provides many ways to improve and streamline record processes, reduce friction and administrative costs, uncover hidden capital, and further advance the peer-to peer economy and The Economy of Things. 

Blockchain technology can strengthen security and governance and help lay a strong foundation for profound global and social change. From safeguarding property and voting rights, to financing the work of civil society, to combating identity theft and human trafficking, there are many exciting potential uses for Blockchain technology. Pilot projects are underway around the world to harness this opportunity. The BitFury Group is leading the way in the world of Blockchain land titling.

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Read the whole article at  the-Blockchain.com

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