Georgian government and the Bitcoin company BitFury

In April 2016, the Georgian government and the Bitcoin company BitFury initiated a project to record land titles on the Blockchain. Following the project initiation, on Feb. 7th, 2017, in Tbilisi, the government of Georgia signed an agreement to use the Bitcoin Blockchain to verify property transactions.

And on 19th of April 2017, Valery Vavilov, CEO of BitFury during his speech at the Russian Internet Forum in Moscow, said, that since the launch in February 2017, when his company along with the government of the Republic of Georgia implemented the property registration on Blockchain had registered more than 100,000 documents.

Earlier this year, Tomicah Tillemann, Trust Accelerator co-founder and New America director of the Bretton Woods II program, commented about Georgia’s decision to use the public Bitcoin Blockchain:

“If you think about this happening at a time when a lot of people are struggling to separate what’s real from what’s fake, this is a powerful tool to prove what’s real. Especially when you’re dealing with something as fundamental as your home or property, it’s important to have that added layer of security that’s provided by Blockchain validation.”

Vavilov also said, that there is going to be more services to follow. Since Blockchain implementation, there is no possibility to manipulate the property registration data. It is not only a government implementation deal for BitFury, on April 13, the Bitfury Group has announced its partnership with the government of Ukraine, to bring a variety of Blockchain solutions to the electronic services of the latter.

Chuck Reynolds
Contributor