In April 2016, the Bitfury Group, the leading global full-service Blockchain technology company, signed an agreement with the Republic of Georgia’s National Agency of Public Registry (NAPR) to pilot the first Blockchain land-titling registry in the Republic of Georgia. The Bitfury Group and NAPR successfully implemented a custom-designed Blockchain system made on the Exonum framework that is now integrated into the digital records system of NAPR. This private Blockchain is anchored to the Bitcoin Blockchain through a distributed digital timestamping service.
The importance of this project lies in its reliable information. The Blockchain registry is available to billions of people who legally register their property, and ensures that their records won`t be altered, counterfeited or lost.
The project is successfully progressing. Since the start of the project, already 91,731 applications (at the moment of writing) have been processed on the blockchain, and 7,260 in the last 24 hours alone. This number is rapidly growing, and as more and more people understand the blockchain-based registry, the cost and time required to register and transfer property decreases substantially. Unlike other electronic databases, a Blockchain-based registry provides ultimate security and auditability.
Papuna Ugrekhelidze, chairman of the National Agency of Public Registry in Georgia, said his department is “very pleased with the technical progress and looks forward to continuing [their] fruitful collaboration.”
Thanks to this success, on February 7th, Bitfury and NAPR have also signed a new Memorandum of Understanding (MOU) to expan Blockchain technology solutions to other government departments.