BitFury Announces Blockchain Land Titling Project With the Republic of Georgia and Economist Hernando De Soto

By April 27, 2016Bitcoin Business

The Republic of Georgia’s National Agency of Public Registry, renowned Peruvian economist Hernando De Soto and Bitcoin company BitFury announced a partnership to design and pilot a blockchain land titling project, Forbes reports . The announcement was accompanied by a signing ceremony at the Georgian Ministry of Justice.

“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,” said Papuna Ugrekhelidze, Chairman of the National Agency of Public Registry of Georgia.

Currently, buying or selling land in Georgia requires physically going to a public registry, which could take as long as one full day and cost between $50 and $200, depending on how quickly the parties want the transaction to be notarized. The pilot project will move elements of this process onto the blockchain and cost buyers and sellers in the range of 5 to 10 cents.

BitFury, based in San Francisco, is a Bitcoin company that, so far, has been known mainly for mining. In January, Bitcoin Magazine reported that the company, the third-largest mining operation by total hashrate, will be mass-producing its custom 16nm ASIC chip and selling the chip directly to consumers. It appears, however, that BitFury intends to diversify.

The current version of the BitFury website describes the company as a full-service blockchain technology company that uses the technology of the public blockchain to allow companies to successfully digitize their assets and safely transact them over the Internet ‒ making the world safer, simpler and more efficient. The project seems a significant step in that direction.

“We are launching the property rights registration […]

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