By using blockchain technologies, NAPR can provide its citizens with a digital certificate of their assets, supported with cryptographical proof published to the Bitcoin Blockchain.
The main goal of the project was to develop the most secure solution to provide citizens and governments with data safety, auditable processes and transparency.
The following were the most essential characteristics of the blockchain registry:
Although there were no documented attempts of internal data forgery, this was also listed as one of the core challenges.
This important project will show that governments that transfer their property registries to a blockchain-based system can establish a more transparent and well-recorded system that ultimately benefits the people and advances economic opportunity for all.
Bitfury has implemented a distributed timestamping service on top of the existing public land title registry using the Exonum framework that currently works in the test mode. This solution shows the following achievements:
One of the side goals of the pilot project was to educate the Georgian government about cutting-edge blockchain technologies and all the possible governance applications. The success story led to the support of the Georgian Ministry of Justice, who asked Bitfury to establish the entire blockchain ecosystem for the Republic of Georgia.
By successfully integrating blockchain technology into the own land title registry, the Georgian government has completed the first step of blockchain technology pioneering. The same technology will also be implemented in all government registries in the Republic of Georgia.
The project will continue to advance to include smart-contract capabilities to streamline business operations for NAPR, including the sale of property, transferring of ownership and more.See next case