Russia has announced its plans to use blockchain technology for property registration as well asset management in the estate sector. Similar to current projects like the bitland initiative, the platform developed will be able to facilitate property transfers as well as property registration for civilians.
“This tool is already used by large banks, corporations and even some countries,” Dmitry Medvedev
The country while adopting blockchain technology recently made Bitcoin illegal enforcing punishments for use or store of the cryptocoin. Many have acknowledged the coin may pose a threat to the country’s own experiment as they too have announced development of a state currency based on the same technology.
[W]e are considering the use of blockchain in the work of such agencies as the Federal Registration Service. Automatic real estate transactions, in particular, are considered as a pilot project for the use of blockchain in transactions related to equity construction and joint housing development.
To conclude the Russian initiative to incorporate block chain technology into property management is set to make waves for many estate agents and state agencies. While corporations in Africa have also aimed to use blockchain for land registry purposes. As we reported, bitland has been largely successful in using the technology to organize a haphazard infrastructure allowing property rights to be recognized and legitimately enforced. The Russian project is based on an Ethereum Blockchain similar to project developed previously which allows banks in the country to use the technology to communicated between each other. With the country also planning to develop its own cryptocurrency, Russia has become one of the countries at the forefront of cryptocurrency adoption.