The First Government To Secure Land Titles On The Bitcoin Blockchain

8th February 2017

Amazing news about our member National Agency of Public Registry in Georgia was published by Forbes yesterday:

In a vote of confidence for a fledgling technology, the Republic of Georgia committed in a signing ceremony in Tbilisi on Tuesday to use the bitcoin network to validate property-related government transactions.

In April last year, the government and bitcoin hardware and software firm Bitfury Group launched a project to register land titles via a private blockchain, which is a tamper-proof ledger, and then to make those transactions verifiable using bitcoin’s blockchain, which is public.

It is the first time a national government has used the bitcoin blockchain to secure and validate official actions, signifying a vote of confidence for a technology still somewhat tainted by an early association with illicit activity.

Having so far built the software and tested it with a couple dozen land title registrations, Bitfury and the Georgian National Agency of Public Registry have now signed a new memorandum of understanding to expand the service to purchases and sales of land titles, registration of new land titles, demolition of property, mortgages and rentals, as well as notary services.

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