Georgia Eyes Onchain Property Rights And Tokenization With Hedera...
Georgia explores putting its public registry on the Hedera blockchain and tokenizing real estate through blockchain-integrated government infrastructure.
Georgia’s Ministry of Justice has signed a memorandum of understanding (MoU) with the public blockchain network Hedera, as it considers moving the country’s land registry onchain and tokenizing real estate.
According to a Monday announcement from the Ministry of Justice of Georgia, the government signed an MoU with Hedera, a public blockchain with permissioned node operation. At a meeting between the Minister of Justice of Georgia, Paata Salia, and a representative of Hedera, the two parties discussed the potential integration of blockchain technology into public infrastructure.
Georgian officials said they are considering transferring data from the National Agency of Public Registry to the blockchain network, hoping this “would ensure even greater protection of property rights, transparency and reliability of processes.”
Also under consideration is the tokenization of real estate, in an effort that closely resembles real-world asset (RWA) tokenization projects.
For now, the agreement is a nonbinding MoU. The next step would be forming joint working groups with experts from the Ministry of Justice and the National Agency of Public Registry, according to the announcement.
Related: How governments use blockchain for public services
Georgia has long been a proponent of blockchain technology in government. In early February 2017, the government of Georgia signed an agreement to use the Bitcoin blockchain to verify property transactions. Reports from late April that year showed that the country had registered over 100,000 property records onchain.
The push for governmental blockchain adoption has not stopped. About a year ago, the United National Movement coalition partnered with Rarilabs to release a new blockchain solution for public administration. Various political and technical initiatives have tried to expand blockchain use in public administration, though not all have been adopted by the ruling Georgian Dream party.
Related: Tether signs MoU with Georgia to develop Bitcoin P2P infrastructure
Source: CoinTelegraph
