Ukraine's Government Plans to Auction Seized Assets On a Blockchain

Ukraine's justice ministry has begun testing the use of a blockchain to digitally auction seized assets, according to a report.

AccessTimeIconSep 7, 2017 at 11:00 a.m. UTC
Updated Sep 13, 2021 at 6:54 a.m. UTC
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Ukraine's justice ministry has begun testing the use of a blockchain to digitally auction seized assets, according to a report by Reuters.

The use of the platform will expand as the year progresses, with an eye to implementing state property and land registries onto the blockchain by the end of the year.

According to the report, Deputy Minister Serhiy Petukhov explained:

"We want to make the system of selling seized assets more transparent and secure so that the information there is accessible to everyone, so that there aren’t concerns about possible manipulation."

Towards this goal, the government has been formally partnered with blockchain firm Bitfury since April.

CEO of Bitfury, Valery Vavilov, stated at the time that, "A secure government system built on the blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability."

The partnership represents an effort within Ukraine to modernise institutions and reduce corruption through blockchain tech. In exchange, the Ukrainian authorities have been granted a $40 billion bailout from the International Monetary fund and other donors, Reuters reported.

Ukraine justice building image via Shutterstock

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