The Russian government recently announced its plans that it would run an experiment on the use of blockchain technology in the real estate market by releasing a blockchain based land registry system early next year.
The Ministry of Economic Development released a statement explaining why they decided to take up this project. “The use of blockchain will be aimed at increasing the availability of information on the property registry, guarantees of protection of property rights, as well as the level of citizens’ trust in the sphere of turnover of real estate.”
The instruction to find ways to apply blockchain technology to the operation of various government institutions comes from the Prime Minister Dmitry Medvedev. “I gave instructions to the relevant ministries – the Ministry of Communications and Ministry of Economic Development – to consider the applications of these technologies in preparation for the program “Digital Economy.”
Russia’s announcement is just the latest in a slew of other national and regional governments announcing their own land-registration projects. These include the government of Ukraine, Sweden and the United Kingdom and the Indian state of Andhra Pradesh.