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Russia’s Ministry Of Economic Development To Test Blockchain Land Registry

By

Jeremy

Nation

WriterETHNews.com

Land registry in Russia will be tested on a blockchain-backed system by the Ministry of Economic Development.

On October 18, 2017, the Ministry of Economic Development of the Russian Federation announced a pilot program designed to test the reliability of using a blockchain to track real estate information.

The pilot is scheduled to run from January 1 until July 1, 2018. According to the ministry's announcement, blockchain technology "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." After the experiment is complete, Rosreestr (the federal body responsible for state registration of real estate), the Federal Tax Service, and the government of Moscow will analyze the results and submit a report by September 1, 2018.

Russian Prime Minister Dmitry Medvedev previously commissioned a working group to research the application of blockchain technology for use by state administrations. He made a statement about the necessity to develop blockchain systems:

"We need to analyze in general, as far as it is applicable in our governance system – and public administration, and in the economy. In any case, the topic is really new and popular, and I instructed the relevant ministries – the Ministry of Communications and the Ministry of Economic Development – to consider the possibility of using these technologies in the preparation of the 'Digital Economy' Program."

Likewise, Minister of Economic Development of the Russian Federation Maxim Oreshkin spoke of the cost-saving benefits that the technology could provide. "This is an area where you can achieve a very large effect. The system of Rosreestr now is quite expensive. And in the form in which it now exists, not always effective, not always fast," said Oreshkin. "This is a big cost for both the public and the companies. That is why Rosreestr has become one of such pilot areas where we will develop new technology."

Oreshkin concluded, “The future of the public administration system lies in this area. We will move step by step, starting with Rosreestr."


Quotes translated from Russian using Google Translate.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine. He is a full time staff writer for ETHNews and holds value in Ether.

ETHNews is commited to its Editorial Policy

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