Georgia’s blockchain development in focus of upcoming International Blockchain Summit

The upcoming International Blockchain Summit will show a presentation about Georgia and how the country successfully implemented the blockchain technology.

The initiative came after the preparation event that was held this week in New York and was organised by the Institute of International Humanitarian Affairs of the Fordham University.

At this event the participants discussed Georgia’s example of how the country introduced the blockchain technology into the real estate registration transactions.

The organisers of the event initiated that the presentation about Georgia’s example should be showed at the International Blockchain Summit that will be held on November 10 in New York.

Invited presenters, experts, representatives from the state or private sectors from different countries’ who are involved in the blockchain innovative technology will gather at the Summit to discuss planned and current projects in the industry.

Georgia has become one of the first countries in the world to use the Bitcoin currency and platform to complete property-related government transactions.

Transactions, deposits and other financial operations related to land titles are processed by Bitcoin wallet, Blockchain.

This is the first time a national government has used Bitcoin and Blockchain in conjunction to secure and validate official transactions. Furthermore, the project aims to reduce property registration fees in Georgia by 95 percent.