{"id":3691,"date":"2017-04-20T02:00:00","date_gmt":"2017-04-20T02:00:00","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/georgia-first-to-use-blockchain-technology-to-develop-land-registry\/"},"modified":"2018-08-10T05:42:41","modified_gmt":"2018-08-10T05:42:41","slug":"georgia-first-to-use-blockchain-technology-to-develop-land-registry","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/georgia-first-to-use-blockchain-technology-to-develop-land-registry\/","title":{"rendered":"Georgia first to use blockchain technology to develop land registry"},"content":{"rendered":"<p>Georgia is pioneering a new system for registering land titles, property transactions, mortgages, demolitions and notary services by using the same blockchain technology that underpins the virtual currency bitcoin. The idea behind this initiative is that blockchain technology relies on a distributed database to store information accurately and securely. Once entered into a block in the chain, data cannot be altered, thus providing a clear picture of the sequence of transactions. So far, about 100,000 land titles have been registered in the new system since it began in April 2016.<\/p>\n<p>Georgia is not the only country turning to blockchain technology for record keeping: the Chinese government is using it to fight fraud; Estonia has used a blockchain-based service that enables people to trade stocks; and Senegal is planning to use blockchain technology to introduce a national digital currency. Georgia, however, is believed to be the first state to implement a blockchain-based system for both land registration and transactions.<\/p>\n<p>Potential benefits include:<\/p>\n<ul>\n<li>increasing the reliability, safety and transparency of National Agency of Public Registry services<\/li>\n<li>increasing public confidence in property-related record keeping<\/li>\n<li>bolstering property rights<\/li>\n<li>ensuring the legitimacy of citizens\u2019 documents without exposing confidential information<\/li>\n<\/ul>\n<p>Potential risks include:<\/p>\n<ul>\n<li>platforms losing developer interest and support<\/li>\n<li>flaws in blockchain code and smart contracts<\/li>\n<li>encryption algorithms being cracked by quantum computers<\/li>\n<li>state intervention<\/li>\n<li>some metadata being insecure (e.g. originating IP addresses, the value of transfers, other linked addresses, etc.)<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-3691 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Internet of things laboratory to be set up in Azerbaijan'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/internet-of-things-laboratory-to-be-set-up-in-azerbaijan\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/internet-of-things-laboratory-to-be-set-up-in-azerbaijan-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-11812\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11812'>\n\t\t\t\tInternet of things laboratory to be set up in Azerbaijan\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Russia expecting an uberized mortgage market'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/russia-expecting-an-uberized-mortgage-market\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/08\/uberization-mortgage-russia-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-10538\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10538'>\n\t\t\t\tRussia expecting an uberized mortgage market\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Infographic: 7 ways blockchain can help the environment'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/infographic-7-ways-blockchain-can-help-the-environment\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/09\/7-ways-the-blockchain-can-help-the-environment-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" aria-describedby=\"rpbt-related-gallery-1-10763\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10763'>\n\t\t\t\tInfographic: 7 ways blockchain can help the environment\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Georgia is pioneering a new system for registering land titles, property transactions, mortgages, demolitions and notary services by using the same blockchain technology that underpins the virtual currency bitcoin. The idea behind this initiative is that blockchain technology relies on a distributed database to store information accurately and securely. Once entered into a block in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":7829,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,14],"tags":[45,49,206],"class_list":["post-3691","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-fintech","category-georgia-fintech","tag-blockchain","tag-digital-transformation","tag-identification","bulletin_edition-fintech-april-2017","b_post_type-regional-fintech-news"],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3691","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=3691"}],"version-history":[{"count":2,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3691\/revisions"}],"predecessor-version":[{"id":7074,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/3691\/revisions\/7074"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/7829"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=3691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=3691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=3691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}