The Bitfury Group Brings Blockchain Technology to the Republic of Georgia

San Francisco-based bitcoin mining hardware manufacturer Bitfury Group has partnered with world-famous Peruvian economist Hernando de Soto, and his Institute for Liberty and Democracy, to bring blockchain technology to the land title registry of the Republic of Georgia.

BitFury Group CEO Valery Vavilov sees this partnership as an opportunity to show the world how versatile and applicable the blockchain really is, “We are uniquely positioned in the Blockchain ecosystem to support this breakthrough process, demonstrate the power of the Blockchain and assist in further developing Georgia’s modern and transparent property registry,” said Vavilov.

Vavilov also explained that secure and transparent blockchain-based land title registries can have a “significant social and economic impact” in Georgia and around the globe.

Papuna Ugrekhelidze, Chairman of the National Agency of Public Registry of Georgia, views this partnership as an “important project” that puts the Republic Georgia squarely at the forefront of the global blockchain innovation movement:

“By building a Blockchain-based property registry and taking full advantage of the security provided by the Blockchain technology, the Republic of Georgia can show the world that we are a modern, transparent and corruption-free country that can lead the world in changing the way land titling is done and pave the way to additional prosperity for all.”

Hernando de Soto, who contributed greatly to the modernization of Peru’s property system in the late 80’s and early 90’s, hailed the project as an important step in showing governments around the world how beneficial the blockchain can be to their respective economies.

He said:

“This important project will show that governments that transfer their property registries to a Blockchain-based system can establish a more transparent and well-recorded system that ultimately benefits the people and advances economic opportunity for all.”

According to the release, Hernando de Soto will be holding a lecture today on poverty and property rights in Georgia’s new Technology Park.

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