Not all blockchain initiatives proposed later were adopted by the ruling party.
Georgia’s Ministry of Justice has signed a memorandum of understanding with public blockchain network Hedera, as officials explore moving the country’s land registry onchain and tokenizing real estate.
Similar initiatives have been seen abroad. Dubai, for instance, plans to use blockchain to tokenize property and allow fractional ownership, integrating records into official government systems. Globally, comparable efforts are underway. MultiBank Group in Dubai recently announced a $3 billion initiative to tokenize luxury real estate projects, making them available to global investors via a blockchain-based platform.
The agreement between Georgia’s Ministry and Hedera outlines potential cooperation to integrate blockchain technology into public infrastructure. Minister of Justice Paata Salia met with a Hedera representative to discuss the project.
Georgian authorities said transferring data from the National Agency of Public Registry to the blockchain could “ensure even greater protection of property rights, transparency and reliability of processes.” The tokenization Tokenization Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Tokenization represents the process of substituting a sensitive data element with a non-sensitive equivalent, i.e. token, which bears no extrinsic or exploitable meaning or value. In essence, the rights to the ownership of an asset are converted into a digital token. Tokenization can be used to own an entire unit of an asset. For example, one token that represents the ownership of a piece of real estate or to split ownership of a single unity of an asset such as 200,000 tokens, each one represen Read this Term of real estate is also under consideration.
Georgia has previously used blockchain in government operations, including a 2017 agreement to record over 100,000 property transactions on the Bitcoin blockchain. Not all later proposed projects were adopted by the ruling Georgian Dream party, Cointelegraph reported.
