Georgia to implement Bitcoin-backed land registry program
Thursday, February 9Georgia has become one of the first countries in the world to use the Bitcoin currency and platform to complete property-related government transactions.
This week, the Georgian National Agency of Public Registry (NAPR) signed a new Memorandum of Understanding with Bitcoin mining company Bitfury Group to develop and use a system for registering land titles.
Transactions, deposits and other financial operations related to land titles will be processed by Bitcoin wallet, Blockchain.
The first phase of cooperation started in April of 2016 when the government inked a deal with BitFury Group to develop a pilot system in Georgia. The aim of the initiative is boost transparency in real-estate transactions and the prevalence of fraud.
This is the first time a national government has used Bitcoin and Blockchain in conjunction to secure and validate official transactions. Furthermore, the project aims to reduce property registration fees in Georgia by 95 percent.
“The NAPR will use the world’s latest technology [to] guarantee [. . .] safe transactions, transparency and flexibility. The process is electronic, in which human agents will not interfere, ensuring its security,” said NAPR chairman Papuna Ugrekhelidze.
In other words, Blockchain technology will bring security to real estate transactions because there is no central point of failure. The ledger is distributed among many computers, so a would-be hacker would need to simultaneously attack at least 51 percent of the network in order to fraudulently alter records.
The software is expected to become fully operational this year. (Agenda.ge)