Ukraine government just tested the blockchain technology for the first time by auctioning the seized assets. It is expected that state properties and land registries will be managed through blockchain by the end of 2017.
The blockchain is a public ledger that records, updates and maintains the data. It offers transparency and eliminates the need for a central body to regulate it. Blockchain was first implemented in Bitcoin and since then it has found many financial and supply chain applications.
See also: What is Blockchain?
This project is a part of Ukraine’s mission to eliminate corruption and modernize the state institutions. Corruption is a growing problem in Ukraine and International Monetary Fund has given $40 billion as a bailout to tackle the challenges like this.
According to the Serhiy Petukhov, Deputy to the Minister of Justice of Ukraine, “We want to make the system of selling seized assets more transparent and secure so that the information there is accessible to everyone so that there aren’t concerns about possible manipulation”
Earlier in April, Bitfury, a global technology firm, announced that it is in partnership with the Ukrainian government to put the data on the blockchain. At that time, CEO of Bitfury, Valery Vavilov said,” A secure government system built on the blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability”
Ukrainian is not the first country to employ blockchain technology. Earlier this year, The government of Georgia started using blockchain to register land titles and validate property-related transactions. Dubai will also secure all its government documents on the blockchain by 2020.