Georgia make provisions for using smart contracts in Real estate registrations
Recent reports from Agenda revealed Georgia’s next step towards the countries blockchain revolution by confirming that Georgia is implementing steps for introduction of smart contracts in real estate registrations they believe that this move will help in bringing about more transparency, reduce costs, and will bring overall efficiency to the Real Estate sector.
What is a smart contract?
A smart contract is basically a computer protocol programmed to digitally simplify, verify, or enforce the negotiation or performance of a contract. A Smart contract gives you the following advantages, It allows the performance of credible transactions without the involvement of any third parties Also these transactions are trackable and irreversible.
The Georgian National Agency of Public Registry has already started working on this direction. They intend on becoming one of the first countries to make use of the Blockchain technology for performing government transactions related to property matters. This step comes after an initiative taken by Georgia to land titles In Bitcoin Blockchain. Georgia really seems to be adopting the use of Blockchain technology rapidly. T
Just in the previous year, a memorandum of understanding was signed between the Georgian National Agency of Public Registry and a Bitcoin mining company called Bitfury Group. This step was taken in an attempt to help nurture and develop a system that can be used for registering land titles.
It was also further revealed that in order to safeguard these smart contracts the ledger will be distributed among many computers, so if any hacker gets some glowing ideas, they would need to simultaneously attack at least 51 percent of the network in order to fraudulently alter records. Georgia also believes that the Blockchain technology will bring much-needed security and transparency to the real estate transactions because there is no central point of failure.