Republic of Georgia to Develop Blockchain Land Registry

Bitcoin mining company BitFury has inked a deal with the Georgian government to develop a system for registering land titles using the blockchain.

AccessTimeIconApr 22, 2016 at 3:44 p.m. UTC
Updated Sep 11, 2021 at 12:14 p.m. UTC

Bitcoin mining company BitFury has inked a deal with the Georgian government to develop a system for registering land titles using the blockchain.

BitFury will help develop the platform for the National Agency of Public Registry (NAPR), an office of the Georgian Ministry of Justice. Economist Hernando de Soto will assist in the development of the platform. Today de Soto is set to give a lecture on related issues during an event in Georgia's capital, Tbilisi.

According to BitFury, the platform will utilize a permissioned blockchain operated by the NAPR. This private blockchain will be tied to the bitcoin blockchain, the company said, suggesting a form of merge-mining will secure the land registry.

Papuna Ugrekhelidze, chairman of the NAPR, said in a statement that the project can boost title transparency and reduce the prevalence of fraud. The office did not respond to a request for additional comment.

Ugrekhelidze remarked:

“By building a Blockchain-based property registry and taking full advantage of the security provided by the Blockchain technology, the Republic of Georgia can show the world that we are a modern, transparent and corruption-free country that can lead the world in changing the way land titling is done and pave the way to additional prosperity for all.”

The bitcoin and blockchain space is no stranger to this particular use case. A much-vaunted deal between the government of Honduras and startup Factom made headlines last year, though the project appears to have stalled amid negotiations.

This article has been updated.

Image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.