The Republic of Georgia has committed to using the blockchain (bitcoins network) to validate property-related government transactions.
Although not a new thing, this a bigger implementation and it's not with the blockchain title people, Ubitquity, who came out with this same product a year ago either, this is a new effort from BitFury.
“The Bitfury Group is moving full speed ahead with the innovative government of the Republic of Georgia to advance the creation of Blockchain technology pilot projects, including our Blockchain land-titling project with the National Agency of Public Registry,” said Valery Vavilov, CEO of The Bitfury Group. “With this technology, where there is a will, there is a way. And thanks to the forward-looking Georgian government, there is a will. The possibilities for trusted solutions are limitless, and the land-titling project is the first of many creative solutions projects we are developing in concert with the Republic of Georgia and the Blockchain Trust Accelerator to better serve its citizens.”
Is Bitfury aware of Ubitquity? Hey Bitfury dudes? Bitfury dudes?
Well maybe they'll read this and go check out the Ubitquity folks who already has a platform for this in place right now today. We outlined their platform last year (almost a full year ago).
Moving Forward
Apparently they either have heard of Ubitquity or haven't and built something else because they have a working solution. It works much like Overstocks T0 platform whereas it records property on an internal system (I won't say private anything-chain) and then sidechains to bitcoins blockchain for recording the transaction. Once on the blockchain it's set in stone... well actually its set in encrypted binary machine code, but I digress.Tea Tsulukiani, Georgia’s Minister of Justice, said that the Ministry of Justice of Georgia is “the leading ministry in the field of new technologies in terms of e-government, together with two other colleague ministries.” “We will be able to work with Blockchain technology from this summer to place real estate extracts in a totally safe and innovative system,”
This again shows how the blockchain is moving forward, and bitcoin's blockchain is the natural choice for something like this, you really can't record land titles on dodgecoin's blockchain and expect an immutable record of any stability.
Not to impugn the work of dodgecoin, a very successful atlcoin, but the shear power of bitcoin blockchain is unmatched whereas dodgecoin network is only 2.7 TH, and that a drastic jump from 1.7 TH is peaked at in 2016. Roughly the hashrate of an old Antminer S4 ($50 on eBay) from back in the day.
Moving On
Bitfury plans to reinvent some more wheels with blockchain based things like a notary, of which there's many, and has introduced the The Blockchain Trust Accelerator to build solutions for social impact and governance challenges. The Accelerator is a
partnership between The Bitfury Group, New America and the National Democratic Institute.
Most recently Bitfury announced its global initiative at the world economic summit in Davos and plans to organize another world blockchain group.
Sure Bitfury may be reinventing a few wheels, but hey, it's Bitfury. They are one of the largest organizations in the space so they can do this if they wish to. Bitfury supports the most powerful, global blockchain, the bitcoin blockchain, and quite frankly in cases such as government land titles, it's really the only one suited for the solution.
Bitfury also wants to bring smart-contracts to the blockchain. This is something Ethereum (now that would be a home run), Blockstream, Rootstock, and others are also working on and something bitcoin developers (ex-bitcoin developer Mike Hearn specifically, yes the rage quitter) have already proven is capable currently, it's just extraordinarily difficult and why other efforts are moving forward with more realistic solutions.
You can read the full announcement here.
Report by dinbits
Image by dinbits.com staff
Additional Source: Bitfury
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