Information about the Extract from the Registry is now stored in Blockchain
The Information about the immovable property extract from the Registry is now stored in Blockchain system. The National Agency of Public Registry (NAPR) under Ministry of Justice of Georgia has already implemented changes in the software needed for launching it in real mode.
Since February 20, 2017, information about the extract on any immovable property will be automatically sent to the Blockchain system. It is impossible to delete, alter, rewrite or illegally manipulate the data stored in Blockchain.
The innovation means to assign a special hash to the immovable property extract. The hash is a sequence of symbols, which is unique for each document if the same algorithm is used. The identical hashes in the Blockchain system and NAPR website confirm authenticity of the extract. Consequently, with Blockchain, NAPR makes information on immovable property even more secure, transparent and accessible around the world.
Any person can check authenticity of immovable property extract in the Blockchain network via the special website www.blockchain.info, www.blocktrail.com, www.btc.com
This innovation applies to current registration transactions and does not imply payment of any additional fees.
The old extracts, i.e. those prepared till 20th of February, 2017, are possible to store in the Blockchain system only upon their renewal. The information on the renewed extract automatically will be stored in the Blockchain global network. The extracts can be renewed via internet or at the territorial offices of NAPR, Public Service Halls and Community Centers.
Blockchain is a distributed database. It is protected from cyber attacks as well as physical destruction. The records are not kept in one particular place, but in tens of thousands of computers all over the world. All computers in the network automatically block any attempt of suspicious manipulation in particular data.
Georgia is one of the first countries in the world using the Blockchain technology for immovable property registration.
The works on integrating registration services in Blockchain started in 2016, when the BitFury Group took interest in the developed IT infrastructure of NAPR and the leading position of Georgia in the World Bank Doing Business Rankings.
The first phase of cooperation with the BitFury Group involved development of the pilot project on using blockchain technology for immovable property registration and technical and other preparatory works for launching it in real mode, which has been successfully completed.
NAPR launches the second phase of cooperation with the BitFury Group from 2017, which envisages enactment of the pilot project in a real mode and introduction of the "smart-contracts".
Since 2017, NAPR moved to the second phase of implementation of Blockchain technology, which provides for launching the pilot project on storing information about immovable property extracts and business registration in real mode and introduction of "smart contracts".
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