Blockchain technology being introduced in real estate registration in Azerbaijan
Baku, Azerbaijan, Dec. 13
By Huseyn Veliyev -Trend:
Azerbaijan’s State Property Issues Committee has started implementing a test project on using blockchain technology in real estate registration, director of Information Technologies and Data Management Center of the State Committee Anar Narimanov said at a conference on launching the country’s first corporate blockchain platform Dec. 13.
Narimanov said that the use of this technology will allow preventing the sale of real estate to several persons.
“The second phase of the work in this direction is related to the verification of the owner’s rights to real estate, and this will depend on the transfer of the created infrastructure to the blockchain technology,” said Narimanov.
In order to use blockchain in real estate registration, it is necessary to pass a number of procedures, he noted.
“Single standards, administrative procedures, technical regulations, etc. should be worked out,” he added. “All this work will be carried out in stages.”
For the development of blockchain technology in Azerbaijan, the possibility of creating a research center and the formation of human resources in this area is considered, Narimanov said.
“I believe that we will be able to see the first SWOT analysis of the blockchain in Azerbaijan in the first half of 2019,” said Narimanov.
Blockchain is a way of storing data, or a digital registry of transactions, deals, and contracts. Its main difference and undeniable advantage is that this registry is not stored in one place, but distributed among several thousand computers around the world.
The principle of operation of the blockchain is quite simple - digital records are combined into "blocks", which are then linked cryptologically and chronologically into a "chain" with the help of complex mathematical algorithms. Each block is linked to the previous one and contains a set of records. New blocks are always added at the end of the chain.