BitFury Group has partnered with the Georgian National Agency of Public Registry to bring a blockchain land titling project to fruition. Additionally, with the help of Hernando de Soto, the collaborative project wants to bring more transparency and proper record-keeping to this sector.
Property rights have always been a topic of substantial debate in the world, particularly when emerging and struggling markets are concerned. Two of the main concerns people have when it comes to land titling is transparency and accountability, neither of which are present in the current systems used for this sector.
This is where BitFury Group will come into the picture as the company is one of the world’s leading distributed ledger companies. Thanks to their partnership with the Republic of Georgia’s National Agency of Public Registry and world-renowned economist Hernando de Soto, blockchain technology will aid in creating a better land titling system for the country.
For quite some time now, various companies have been exploring the boundaries of blockchain technology outside of the financial sector. Land titling is an area well worth exploring, as a secure property registration service on top of the blockchain can bring the much-needed accountability and transparency to the table. In fact, BitFury Group hopes to secure billions of dollars in assets with this system over time.
Papuna Ugrekhelidze, the Chairman of the National Agency of Public Registry of Georgia, told the media:
“We are thrilled to partner with The BitFury Group on this important project. 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.”
Regardless of how people may feel about the blockchain, the technology has been showing its resilience in the cryptocurrency world since 2008. With records that cannot be altered once they are created, combined with an unprecedented level of transparency while still respecting user privacy, this technology seems perfectly tailored towards a land titling system.
Later today, Hernando de Soto will give a lecture at the Technology Park in the Republic of Georgia. Among the topics to be touched upon are property rights, international development, and global poverty. This world-renowned economist will share his view on these situations, and how people can ensure access to property rights for everyone.
What are your thoughts on this land titling project by BitFury Group? Will the blockchain be a powerful ally in this regard? Let us know in the comments below!
Images courtesy of BitFury Group, Shutterstock
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