Republic of Georgia to Introduce Blockchain Platform for Real Estate Documents
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 details accessible 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.
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