Asian Development Bank (ADB) considers the possibilities of getting involved in the process of introduction of blockchain technology in different countries of the world. Representatives of the bank state that it can play an important role, using the best practices in the process of introduction of blockchain technology.
“Different banks of the world cooperate with technological companies for the purpose of introduction of blockchain technology to find out to what extent can this technology solve the problems, related to confidence-building and transparency”, – stated the Asian Development Bank representative and named Georgia as one of the examples.
In ADB, they note that Georgia started the pilot program for blockchain introduction in 2016. Public Register service has also started conducting land registration procedures using blockchain technology.
In ADB, we were told: “Georgians already can register land ownership and check data on various operations with the help of blockchain technology, which actually facilitates improvement of transparency and accountability. Technically, the system consists of two parts: private – by means of which the government registers data – and public blockchain. Information on land ownership is publicly accessible, thus ensuring that the technology protects the owner’s safety”.
ADB representatives state that blockchain is capable of creating for the country an infrastructure, which has never existed, as well as renewing the current ineffective systems.
