The Republic of Georgia has formally teamed with Bitfury Group, a provider of blockchain infrastructure, to use the bitcoin blockchain to validate property-related transfers, according to Forbes.
Bitfury Group first partnered with the Georgia government last April to register land titles using a private blockchain and to verify them using the public bitcoin blockchain. This marked the first time a national government used the bitcoin blockchain to validate and secure government actions.
Parties Expand Agreement
The Georgian National Agency of Public Registry (NAPR) and Bitfury have agreed to expand the service to sales and purchases of land titles, mortgages, rentals, new land title registration, property demolition and notary services.
Similar software has been developed in Honduras, Sweden and Cook County, Illinois in partnerships with Factom, ChromaWay and Velox, respectively.
Economist Hernando DeSoto has estimated that the value of “dead capital” from not having legal title to assets at $20 trillion worldwide,
Georgia will use blockchain technology to place real estate extracts in a safe and innovative system, Georgia’s minister of justice, Tea Tsulukiani, said in a prepared statement.
Papuna Ugrekhelidze, NAPR chairman, said the department is pleased with the technical progress.
https://www.cryptocoinsnews.com/republic-of-georgia-expands-project-to-secure-land-titles-on-the-bitcoin-blockchain/
