Bitcoin Forum

From my twitter feed:

Georgia Becomes First Country to Register Property on Blockchain

On Tuesday, in Tbilisi, the government of Georgia signed an agreement to use the Bitcoin Blockchain to verify property transactions.

Last April, the Georgian government and Bitcoin company BitFury initiated a project to record land titles on the Blockchain.

This is the first time a national government is using the Blockchain to safeguard and authenticate state operations, therefore ushering in a belief in the technology that has wrongfully been painted black.

https://cointelegraph.com/news/georgia-becomes-first-country-to-register-property-on-blockchain (https://cointelegraph.com/news/georgia-becomes-first-country-to-register-property-on-blockchain)

No doubts on who owns what now... No excuses for archives about that getting destroyed or error in the states digital achieves. Nice initiative :)

I hope other countries, especially the less developed ones like the one I live in need to follow this. There are actually people here going around with fake titles to claim land who's titles are missing because of stuff like the land registration office burning down. I somehow feel that those people are in cahoots with those that work for government agencies that keep the records since there's no way they would know which records got destroyed. With blockchain they'll find it harder to go one with this practice.

well if I'm not wrong georgia is also one of the main mining countries of bitcoin also they host a lot of bitcoin nodes... so...

Another step towards mainstream acceptance, but the involvement of Bitfury is a bit worrying...

i opened this up thinking this is another one of those articles saying blockchain and has nothing to do with bitcoin but it seems like i was wrong.
i am still a little bit skeptical of why they chose bitcoin blockchain for that. but it is always good to hear a real world usage for bitcoin.


you are correct sir, they have a very big percentage of the hashrate these days.

That's a really positive thing that more and more countries are accepting blockchain technology for their various activities. I am sharing some interesting links from highlighting that countries around the world are showing interests in blockchain technology,

* Bitland Puts Land Titles on the Blockchain in Ghana (http://bitcoinist.com/bitland-land-blockchain-ghana/).

* Sweden tests blockchain technology for land registry (http://www.reuters.com/article/us-sweden-blockchain-idUSKCN0Z22KV).

* ICICI Bank executes India’s first banking transactions on blockchain in partnership with Emirates NBD (https://www.icicibank.com/aboutus/article.page?identifier=news-icici-bank-executes-indias-first-banking-transactions-on-blockchain-in-partnership-with-emirates-nbd-20161210162515562).

* What is ‘blockchain’ and why ICICI Bank’s use of it is a big deal?  (http://www.vccircle.com/news/finance/2016/10/13/what-blockchain-and-why-icici-bank-s-use-it-big-deal).

and as a first blockchain product, I think this is very positive news for bitcoin.

Not surprising for Georgia but kinda amazing that they have that kind of trust to put legal properties on the archives of the blockchain. A nice initiative, I might say and probably a boost in terms of bitcoin's integrity and the power of the tech. Also, great that it's not just the blockchain technology that they are emphasizing on this case but also the whole protocol which is nice for adaption.

Finally! Bitcoin is being used in real life and It was duly approved by government of Georgia. This was one of things I termed "impossible" Government & Decentralization. Since Georgia is the first to utilize Bitcoin's Blockchain Technology for verifying Property transactions, Soon other countries will see the usefulness and follow suit. Bitcoin's decentralization isn't as bad as government paints it to be

I think for anything that is (semi) public information (ledgers), blockchain would work very well.

This is a prime example of one of the uses of bitcoin and I think we will see more and more stuff like this. Maybe in encrypted form, we can even get wills and the likes on there.

First I thought that it is about state of Georgia in USA but now I see is eastern Europe almost Asia country  ;D  Bitfury,Bitland project...nice nice,they are all helping countries to register property on blockchain..

I am quite chuffed to see some more real life applications other than the ordinary "currency" token these days. We certainly need more things like

this to show the world that there are much more to Bitcoin than just being a currency. Gold and other commodities also have several other uses

and that makes them more attractive to investors.  ;D .... We need more applications where smart contracts are used too.

pretty soon Georgia is going to become the new bitcoin haven that no other place can compete with. they have been pro bitcoin for some time now, they even have a good share of the hash-rate of bitcoin meaning there are a decent number of miners there.
it is good to hear another name other than China at last!

The reason why Georgia has big percentage of the hashrate is that we decided to turn into bitcoin system actively, for that we offered good plans for BitFury and other miners in place Gldani Free Zone. Bitfury build here their biggest datacenter and result was successful for them and us. Suddenly there aren't many local miners but still there are many good miners and some of them are often here.
Also blockchain technology was tested successfully and hopeany country will take example from us.
Bitcoin sell/buy is very great and easy here, with low percentage of exchange fee and fastest transaction time support from local bank which accepts bitcoin.

Using blockchain in recording will make data recording efficient since it stores statistical data automatically and will help the Georgean government in making policies and plans pertaining on land titling. But I was disappointed after reading since it just tackled about the use of blockchain and not the adoption of bitcoin itself. Hope someday after using blockchain they will also accept bitcoin as a form of financial payment.

Very poor article.

It doesn't explain anything about how this is going to work. Were all landowners given a private key, so that they'll be able to sell their land freely? Who will have the right to write on the blockchain, to register a transaction? Some kind of a lawyer? Government agents? At what cost? How many computers will host that blockchain? Is it centralized, in the hands of the government?

There are many questions needing answers before we shall rejoice.

One small step for Bitcoin one large step for securing contracts.
It's neat that a government will record property contracts using the blockchain but I must give props to Bitfury for getting the sale to do this, wonder what the marketing method was.

Is it the Bitcoin blockchain or a private blockchain? If it is the Bitcoin blockchain, then that is huge for Bitcoin. I've heard that lots of banks are working on private blockchains.

Following up on the Georgia article, just released today is Sweden's exploring in using the blockchain for land registry ...
http://www.coindesk.com/sweden-moves-next-stage-blockchain-land-registry/

this is a great news for banking private sector in india .they are adapting to new things .i have a doubt though that is STATE BANK OF INDIA is going to start the blockchain banking transaction ? If yes, it will be great for the future.

Just one more reason why we should not allow dodgy developers to take over this technology. They have chosen Blockchain technology because it was decentralized and had strong security and information on this "ledger" cannot be removed or changed.

Let's hope they will use the strongest Blockchain and not a centralized Blockchain-based technology like OpenLedger or something.

That's a good move and very encouraging one at that but the issue here is the adoption of the block chain technology which I am sure banks and other financial institutions are equally considering adoption but my fear is for them not to eat the food and then abandon the pot in the sense that after they have used the technology, they then find a reason to dump bitcoin or even work against its recognition by government...

I thought it was called Bitcoin and not "clog up our blockchain with useless unrelated info". This is really bad imho - don't we have enough trouble with recording payments without adding this sort of stuff.

On another note - what a great idea for a Bitcoin developer to start up an asset recording blockchain.

See, it all depends on the cost of the transaction. If banks find that the blockchain technology is far superior and cheap than current traditional banking system then any bank would be happy to use it as far as they find it secure and user-friendly. However, since SBI is a public bank, there are some different matters associated with it.

P.S - I hold some few shares of SBI so as an owner I would be happy to see blockchain technology in my bank, lolz  ;) .

As an american, it annoys me how countries like georgia can pass laws like this one that are cutting edge and revolutionary while my own lawmakers are like fat cows, stuck in the mud, unable to do anything useful for their own people.

In theory america the greatest country in the world.

But in reality, countries like georgia make us look completely useless when they pass laws our own senate couldn't pass in 20 years because of how dysfunctional and corrupt our political system has become.

This is an long back news which made an  advancement in the use of blockchain technology. Georgia has amade a hyperledger project which holds the entire database in a chained network to serve the entire population of the country.