Important economist helps in a project in Georgia
Hernando De Soto, President of the Institute for Liberty and Democracy (ILD) based in Lima, Peru, whom the seminar Time in its special issue of May 1999 on “Leaders for the New Millennium” designates him as one of the five leading Latin American innovators of the twentieth century, is not content with that part of the world but now will a supervisor of a project where he will seek to develop a platform for property records based in chain blocks (blockchain) in the Republic of Georgia. This project stems from an agreement between the Bitcoin mining company, BitFury located in San Francisco and the National Agency of Public Registry of Georgia NAPR).
The objective of this project is to create a transparent registration of property rights on a private chain blocks, which in turn is connected with the public chain blocks of Bitcoin, so it means that the title will be managed in a closed system in which the data are unidentifiable and public, while the fact that are recorded collectively in the blockchain of Bitcoin ensures that the data will not be altered without notice they are made public.
Papuna Ugrekhelidze, President of the National Agency of Public Registry of Georgia, said in a statement:
“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.”
Currently, the purchase or sale of land in Georgia requires physically go to a public register, which could take up to a full day and cost between $50 and $200, depending on the speed with which the parties want the transaction to be notarized.
The pilot project will move elements of this process to the buyers and sellers of blockchain and cost in the range of 5 to 10 cents.
BitFury is a full-service company that uses blockchain technology to allow companies to successfully digitize their assets
and secure transactions over the Internet, to make the world safer, simpler and more efficient. The project seems a significant step in that direction.
Valery Vavilov, BitFury chief executive, said: “We are launching the project registration of property rights of citizens of Georgia so that they can register property in blockchain” and also added:
“Why blockchain? This will help make three important things” he said, “first; it will increase data security, so that the data cannot be corrupted. Second, by placing on the record with the blockchain, the public auditor also make an audit in real time. So the auditor will audit the record not once a year but every 10 minutes [for example]. Third, the friction in the registry and the cost of registration of property rights will be reduced, because people could do it in the future using their smartphones. Blockchain will be used as a notary service.”
Georgia seeks benefit through this union to achieve a higher level of transparency and security, while the risk of fraud is reduced and the system will provide greater efficiency.
Hernando De Soto who is involved and ensures that this project fulfills all the objectives said:
“This important project will demonstrate that governments transfer their property records based on a block chain system, can establish a more transparent system that ultimately benefits people and increases economic opportunities for all.”
If it can comply with the requirements, we will see many more countries interested in this technology and surely many agreements to be updated safely and efficiently different types of businesses, collaborating with the new stage of technology.
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