Earlier this year, the Eurasian country’s government will begin testing a new land registry system based on Blockchain technology. According to a resolution published by the Ministry of Economic Development, the State Registry Service and the Department of Cadastre and Cartography, the Federal Tax Service and the government of the nation will carry out the relevant monitoring until July 1, 2018 … Ministry will submit a final report by 1 September.
According to the resolution issued:
“The use of Blockchain will aim to increase the availability of information associated with the registration of property, as well as the guarantees of protection around the rights of the same and the level of confidence of citizens in the billing of real estate.”
In this way, the project gets approval seven months after Prime Minister Dmitry Medvedev asked two ministries to begin studying the possible applications of Blockchain technology in the public sector. At that time, Medvedev stated:
“We need to analyze the possibilities and instruct the Ministries of Communications and Economic Development with a view to using this new technology in the preparation of the ‘Digital Economy’ program. From then on, as applicable to our system of government, we will make concrete decisions to benefit the public administration. “
It should be noted that in a recent press release, Economic Development Minister Maxim Oreshkin reported that the high cost of Cadastre and Cartography made it a perfect area to apply new technologies such as the blockchain. The announcement of Russia joins a plethora of national governments that have already released their land registration projects, such as Sweden, Ukraine, United Kingdom.
In the case of Sweden, its land registration project was announced in 2016, and in March of this year the highest authority in the area, Lantmäteriet, revealed that the initiative had just successfully passed its second phase … the proposal is conducted by the company ChromaWay and the consultancy group Kairos Future, in partnership with banks SBAB and Landshypotek. The objective? use the chain of blocks in the register of real estate transactions.
If we go to Ukraine, his proposal to integrate Blockchain into the land registry came to light in June this year, when the first deputy minister Maksym Martyniuk unveiled an initial scheme … the plan is to introduce the blockchain into the models cadastral management in Eastern Europe, as well as digitizing state-owned land lease auctions; in fact, Volodymyr Groysman, the Prime Minister of Ukraine, wishes to rely on this objective to promote increased competition, boost the local economy and reduce illicit activities.
Finally, it is worth mentioning that in May of this year, the HM Land Registry agency published on its website that it plans to build a “Digital Street” in the UK, in order to improve the speed and efficiency with which property titles change hands. Blockchain, of course, is presented as a great solution.