Georgia Partners with Hedera to Explore On-Chain Land Registry

Georgia signs an MoU with Hedera to explore moving its land registry on-chain. This will enhance property rights and enable real estate tokenization.

The public blockchain network Hedera secured a major government partnership. Georgia is considering putting the country’s land registry on-chain. This exploration additionally contains tokenizing real estate.

Ministry of Justice Signs Cooperation Memorandum

According to a statement by the Ministry of Justice of Georgia issued on Monday, the government signed a Memorandum of Understanding (MoU). This agreement is with Hedera, a permissioned node operation public blockchain. This is a new stage in digital public services.

A meeting between the Minister of Justice of Georgia, Paata Salia and a representative of Hedera took place. The two parties talked of the possible integration. This is introducing blockchain technology into public infrastructure.

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The memorandum of understanding was signed between the Ministry of Justice of Georgia and Hedera. Hedera is known as one of the leaders in the blockchain ecosystem. This cooperation is aimed at realizing the most modern digital technologies in the public sector.

At the meeting, Minister Salia and the representative of the platform discussed the prospects of cooperation. This includes the possibility of transferring the data from the National Agency of Public Registry to the blockchain network. This move is to ensure the protection of property rights to a greater extent. Not only that, but it will also enhance the transparency and reliability of processes.

According to CoinMarketCap, the price of Hedera (HBAR) is about $0.14 to $0.15. The price has experienced movement in recent times. This was in the context of serious institutional developments. Some outlets reported an increase of more than 1% on the day.

Tokenization and Transparency Highlighted as Key Goals

Company representatives were also provided with information. Consequently, the discussion focused on the “Smart Contract” service. The National Agency of Public Registry introduced this initiative. They also actively explored its development prospects.

Furthermore, the tokenization of real estate emerged as one important direction. This process converts real assets directly into electronic units. Thus, this change ensures faster and more secure transactions for citizens.

                                                  Source: justice.gov.ge

This initiative is the result of Georgia’s earlier pioneering work in space. In 2017, the country experimented with the adoption of the Bitcoin blockchain. This was for verifying transactions of properties. This new partnership builds on those previous efforts.

The next stage is important to integrate the latest technologies in the public sector. It envisages the formation of working groups. These groups will include experts from the Ministry of Justice. Furthermore, they will have experts from the National Agency of Public Registry.

Therefore, this next step will be the transition of cooperation with the technology company in an active phase. This is required for technical due diligence and implementation planning. The MoU itself is non-binding.

This project, if successful, will provide a model for other nations. It demonstrates how distributed ledger technology can enhance governmental efficiency. It also solves centuries-old problems of security of property rights.

The development of an immutable ledger will decrease the potential for fraud greatly. This will make citizens trust government records more. This is the fundamental advantage of using blockchain in public registries.

Ultimately, the association between Georgia and Hedera highlights a worldwide trend. Governments are now looking into the tokenization of real-world assets. They are aware of the security and transparency provided by blockchain.

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