Georgian Minister of Justice: Our country's real estate documents blockchain platform is ready and will be used in 2017

According to multiple local media reports in Georgia, including Caucasus Business Weekly, the country is ready to use blockchain technology to protect real estate documents.

Georgia’s Minister of Justice Tea Tsulukiani has announced that the government’s development and intelligence agencies have acquired the necessary technical expertise and talent to use blockchain to protect the real estate of millions of citizens.

Tea Tsulukiani said:

“Thanks to the efforts of the government’s public registry, Georgia is ready to join the blockchain system. We believe that in 2017 we will take the first step of inserting documents, we will store real estate extracts in the system. We will make the detailed information of real estate documents available to all citizens. The main thing is that we have achieved technical compatibility. Thus, Georgia will be one of the first countries in the region and Western Europe to establish this technology.”

Everything is ready to embed real estate documents into the blockchain system

As Tsulukiani said in the statement, the Georgian attorney general and other government agencies are ready to insert real estate documents into the blockchain network in the coming months.

If the country’s government successfully inserts and secures real estate data into their blockchain platform, it will become the first official use case of blockchain in a national-level real estate data management project.

So far, the Georgian government has not released or disclosed much detailed technical information about this large-scale real estate blockchain project. It is speculated that the project was created in collaboration between the country's Ministry of Justice and BitFury, with BitFury's development team leading the project's development.

In April 2016, BitFury CEO Valery Vavilov and Georgia’s National Public Registry Chairperson Papuna Ugrekhelidze signed a cooperation agreement for the project.

At the time, BitFury’s vice chairman of the board, George Kikvadze, expressed his optimism that the Georgian government would help reform the real estate sector or disrupt the industry’s infrastructure with innovative technologies.

Kikvadze said:

“The government is really committed to reforming the industry. It takes two to tango. The initial response has been very positive and supportive, not only from the prime minister but also from the technical team.

Unlike other blockchain real estate projects introduced by the Bitcoin community in the past two years, this BitFury-Georgia real estate project has received trust and warm welcome from both Bitcoin and blockchain enthusiasts, probably mainly because BitFury runs a large Bitcoin mining pool and has a good reputation.