Several local publications including Caucasus Business Week revealed that the nation of Georgia is ready to utilize Blockchain technology to secure real estate documents.
Tea Tsulukiani, Georgia’s Minister of Justice, announced that the government’s development and intelligence agencies have garnered the necessary technological expertise and talents to successfully use Blockchain for protecting properties of millions of its people.
“Thanks to efforts of the Public Registry, Georgia is ready to join this system. We suppose that 2017 will be 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.”
Ready to embed real estate documents
As stated by Tsulukiani in his announcement, the Georgian Minister of Justice and other government agencies are already planning on inserting real estate documents to its Blockchain network in the upcoming months.
If the government successfully inserts and secures real estate data on their Blockchain platform, it will become the first official case of Blockchain utilization in nationwide real estate data management projects.
To date, the Georgian government still has not published or disclosed many technical details to its major real estate Blockchain project. It is presumed that the partnership between the Georgian Ministry of Justice and BitFury is the foundation behind the project and that the development team at BitFury is leading the development of the project.
In April of 2016, BitFury CEO Valery Vavilov and the Chairman of the National Agency of Public Registry of Georgia Papuna Ugrekhelidze signed an agreement in regards to the project.
At the time, Vice-Chairman of BitFury’s board George Kikvadze expressed his optimism towards the government of Georgia in helping the real estate industry reform or overhaul its infrastructure with an innovative technology.
“The government is really committed to reform. It takes two to tango. The initial reaction was very positive and supportive, and not just from the level of the Prime Minister but also the level of the technical team.”
Unlike other real estate projects that have been introduced to the Bitcoin community in the past two years, the BitFury-Georgia real estate project garnered the trust and enthusiasm of both Bitcoin and Blockchain enthusiasts mostly due to the reputation of BitFury, which also runs a major Bitcoin mining facility.