The Russian authorities are examining the possibility of registering transactions related to real estate on a Blockchain based platform
According to a regional report, the Russian Ministry of Communication is considerong the use of Blockchain technology by government agencies including the Federal Registration Service.
Federal Registration Service is the body that records all transactions related to real estate.
The head of the Ministry of Communications of the Russian Federation, Nikolai Nikiforov, told reporters:
“We consider the use of Blockchain in the work of our government agencies such as the Federal Registration Service. This pilot project was created for the use of Blockchain in transactions related to the construction of real estate as well as to the whole of the common real estate. “
A similar effort is already taking shape in Japan, where the government is trying to gather all the real estate data in a register visible to everyone on a Blockchain.
We were already talking about the remarkable progress of the Russian government around the Blockchain technologies:
– The central bank of Russia is preparing the new legislation around Bitcoin and other cryptocurrencies.
– Even the banks in Russia are considering the technology behind Bitcoin, to improve it’s banking activities.
Russia seems to want to impose itself as a leader in the new technologies related to the Blockchain Technology.
Recently, in the G20 Summit held, Vladmir Putin, the Russian President praised Digital Technologies.
KryptoMoney.com published an article in the month of April, mentioning the adoption of Blockchain Technology in it’s Real Estate market.
Ubitquity, a US based startup has partnered up with Brazilian government to introduce Blockchain Technology in land registering process.
The company has developed a fully functioning, highly secure platform for entering documents, information, etc related to property into a Blockchain system which can be used in registration of property.
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