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.
Blockchain Could Secure Property Rights
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.
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🚨 ICYMI: Georgia’s Justice Ministry partners with #HEDERA to explore blockchain land registry and real estate tokenization.
National property data could migrate on-chain for transparency and security. Can #Blockchain solve centuries-old property rights issues? pic.twitter.com/EGdGPzKkrp
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 of real estate is also under consideration.
DUBAI LAUNCHES MIDDLE EAST’S FIRST GOVERNMENT-BACKED PROPERTY TOKENIZATION ON XRP LEDGER
– The Dubai Land Department (DLD) rolled out the Middle East’s first official blockchain-based property title deed tokenization on the XRP Ledger (XRPL).
– The system links digital deed… pic.twitter.com/2schpNmrO8
Central Bank Engages Ripple for Digitalization
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.
In 2024, central bank officials met with Ripple to discuss digitalizing the economy, following the bank’s 2023 selection of Ripple to develop its central bank digital currency and an earlier limited-access pilot.
