Georgia is perhaps the first country to make use of blockchain for its land registry purposes. They want to go away with the old-style bureaucracy.
A news publication on medium stated that Georgians want to have a redo on their land registry. Many citizens had their lands taken away from them. They understand and know that feeling well.
The tiny nation with just little than a population of 4 million received its independence from the Soviet Union in 1991. Sadly, in the year 2008, Russia boldly invaded the Northern regions surrounding it without much resistance.
Some Georgian territories, including South Ossetia and Abkhazia, are under the occupation of Russia. This year too, saw the Russian army occupying more land in Georgia. The Georgian president Giorgi Margvelashvili wants a sublime method to keep a check on that.
Tea Tsulukiani, who is the justice minister, has decided to use blockchain. Georgia will probably be the first country in the world to use blockchain in its land registry system. Medium is a site where readers find insightful thinking, and creators share their writing had this to tweet.
It will enable them to design a system for coming up with an immutable ledger. Blockchain has the capacity of infusing cryptography to distribute databases across the participating computers. That makes it even challenging to hack.
Though hackers might be able to gain access to a single blockchain, the changes they can design would be clearly visible to the users. What they perform using the blockchain ledger, similar to graffiti created on a hard surface.
Market analysts have pointed out that blockchain can be used for many purposes. The technology is capable of changing the currency and any sort of industry that it is embedded into.
Tim Draper, a venture capitalist and investor in using blockchain and bitcoin thinks blockchain is a decentralized and ideal ledger for having data because nobody can get inside it. Most often, government agencies design systems with loopholes that are taken advantage of by hackers.
That is now not possible at all. Blockchain can effortlessly replace these bureaucrats who must keep track of data for people. Draper adds that the possibilities are quite endless. Any industry stands to benefit from it, including medical, census, land use, and ownership.
Draper cautiously adds that elections can be closely monitored, especially after what happened with the Russian interference in the presidential election in America and the Brexit vote. The electoral system will need to be backed by the UN, ensuring that corruption is entirely wiped out and replace the costly model.
Georgia wants to work with BitFury, a blockchain development company, to design a secure blockchain using a platform, Exonum. It comes as no surprise that other countries too want to implement blockchain in their land registry practice.
It is quite apparent that blockchain can help humanity achieve more than what it is capable of. Time has shown that we are missing out without using the right resources to develop countries like Georgia immensely.