Georgia seeks to reduce public administration costs using blockchain technology
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The Georgian Finance Minister Mamuka Bakhtadze believes blockchain technology could help Georgia in reducing administrative costs and increasing citizens access to public service.
Speaking at the Constituency Meeting organised by the International Monetary Fund and the World Bank in Croatia, Mamuka Bakhtadze presented his views on existing possibilities and challenging with regards to financial technologies.
"Georgia has been one of the first countries which has introduced blockchain in the public sector but I think we could be even more ambitious in this direction,” Mamuka Bakhtadze said.
The IMF/World Bank annual Constituency Meeting aimed to discuss the current monetary, financial and development policy issues around the participant countries. It is also attended by the President of the National Bank of Georgia, Koba Gvenetadze.
The Constituency Meeting is held annually to discuss different topics influencing financial sectors globally and attended by finance ministers and central bankers from 15 countries including Georgia, Bulgaria, Israel, Romania, Ukraine, Belgium, Luxembourg, Armenia, Bosnia and Herzegovina, Croatia, Kippurs, Macedonia, Moldova, Montenegro and the Netherlands.
Georgia is taking steps to introduce smart contracts in real estate registrations that can help enhance transparency and efficiency and reduce costs.
The production of bitcoins and blockchain technologies are very well developed in Georgia and furthermore, the country is among the leaders in this field, believes a World Bank delegation to Georgia.
Harvard Business School is going to use Georgia’s experience of implanting blockchain technologies for its own purposes. The representatives of Harvard Business School are already working on a document about on the implementation of blockchain technologies based on Georgia’s example.
The upcoming International Blockchain Summit will show a presentation about Georgia and how the country successfully implemented the blockchain technology.
The Georgian Dream ruling party has named acting Finance Minister of Georgia Mamuka Bakhtadze for the prime minister’s candidacy, after the resignation of Giorgi Kvirikashvili yesterday.
From now on citizens of Georgia can travel visa free to Montenegro, the Georgian Foreign Ministry announced today.
The Blockchain for Enterprise conference took place in Amsterdam on June 27-28 this week where a presentation displayed how Georgia successfully implemented blockchain technology in real estate registration.
Georgia’s digital potential, regional projects and cooperation opportunities have been discussed by Prime Minister of Georgia Mamuka Bakhtadze and Head of Expansion and Capture of Amazon John Brennan in Washington D.C yesterday.