The Ministry of Justice of Georgia has signed a Memorandum of Understanding (MoU) with the public blockchain network Hedera, aiming to explore the possibility of migrating the country's land registry to the blockchain and achieving real estate tokenization.
According to an announcement released by the Georgian Ministry of Justice on Monday, the government has signed a memorandum with the public blockchain Hedera, which operates licensed nodes. During a meeting between Georgian Justice Minister Paata Salia and representatives from Hedera, both parties discussed the potential integration of blockchain technology with public infrastructure in depth.
Georgian officials stated that they are considering migrating the national public registry data to the blockchain network, noting that this move "will further strengthen property rights protection and enhance process transparency and reliability."
Additionally, authorities are also considering real estate tokenization schemes, which bear a high similarity to real-world asset (RWA) tokenization projects.
Currently, the agreement is only a non-binding memorandum of understanding. The announcement indicated that the next step will be to form a joint working group composed of experts from the Ministry of Justice and the National Public Registry.
Georgia has long been an active promoter of government blockchain technology. In early February 2017, the Georgian government signed an agreement to use the Bitcoin blockchain to verify property transactions. By the end of April that year, data showed that the country had successfully registered over 100,000 property records on-chain.
The momentum for government blockchain applications continues unabated. About a year ago, the United National Movement partnered with Rarilabs to launch an innovative blockchain solution for public administration. Various political and technical initiatives are continually attempting to expand the application of blockchain in public administration, although not all proposals have been adopted by the ruling Georgian Dream party.
In June 2024, Natia Turnava, the acting president of the National Bank of Georgia, and Varlam Ebanoidze, head of the bank's financial regulatory technology development department, held talks with Ripple executive James Wallis to explore potential cooperation opportunities for the digital transformation of the Georgian economy.
Earlier, in early November 2023, reports indicated that the central bank had selected the blockchain payment network Ripple Labs as its official technology partner, responsible for developing its central bank digital currency. This move is another significant development following the bank's announcement two months prior to conduct a limited-access pilot for CBDC.
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