Georgia is now the fourth easiest country to register property
Sun Sep 5, 2021
To solve this, Bitfury group introduced Georgia’s land title project which uses one of the world’s largest Bitcoin blockchain infrastructures in the world
So how does the proof of concept work? At a high level, it will capture and permanently record each transaction throughout the sale of a property. This means you achieve near real-time traceability and transparency into the state of the property.
For example, envision two citizens in the state of Georgia — a buyer and seller — who have negotiated the sale of a house and wish to now register their sale deed with the local authorities. They would proceed to the government services offices as they normally would register the sale deed, which they have in their possession.
The government office will then enter the sale deed into their system, one that is now powered by blockchain technology. This blockchain-enhanced system then takes over and registers the sale deed in the presence of the buyer and seller. It will also process the sign-offs by both the buyer and seller and push the transaction to the approval stage. After the transaction is approved, an automatic transfer of ownership is completed. And importantly, the system will also be able to handle land titles with multiple owners.
From the administrator’s perspective, there are significant transparency, accuracy, and efficiency gains to be had. They will now be able to view and monitor the state of the property and sale deed in near real-time, as well as have instant access to a complete and permanent transactional history for each property and sale deed.
The beauty of this system is that citizens engaged in buying and selling the property will neither require any blockchain accounts or wallets nor will they experience a change in the way they currently interact with the land registry. The blockchain engine simply works quietly but powerfully in the background. The solution will also increase citizens’ confidence in the government and make the overall customer experience less cumbersome. Most importantly it will enhance data security and ensure the authenticity of land records.
Key indicators, such as the Corruption Perception Index have repeatedly shown Georgia´s improvement in the fight against corruption, economic growth has been steady and unemployment remains low (The World Bank, 2018) and the World Bank ranks Georgia as the fourth easiest country to register property. As described by Transparency International in February 2019 these reports highlight the positive, improved governance and democratic oversight within the Georgian democratic apparatus.
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