Leap Frogging Land Law
One area widely touted as ripe for disruption by Blockchain, or Distributed Ledger Technology, has been land registries and similar government agencies that need to provide legal certainty about goods, services or property. This week the government of Georgia, announced that it is satisfied with the results of a trial that operated throughout the second half of 2016. It has now entered into an MOU with a specialist software firm, Bitfury, to expand the use of a blockchain to manage purchase and sale of land titles, registration of new titles, demolition of property, mortgages, rentals, and even notary services.
Indisputable records of this nature can drive out the potential for fraud and corruption, increase investor confidence and lower the costs of property transactions.
Environments without existing or very old infrastructure can leap frog their peers by taking advantage of new digital technologies. In this case, it makes doing business easier. At XBRL International, we think that’s exactly the kind of thinking that will make a difference to development and economic growth. Find out more about the Georgian effort here.