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.
This article 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.