Uzbekistan uses blockchain technology for cadastre and real estate registration

Currently, many countries around the world have tried to use blockchain technology in the real estate industry. Following the recent use of blockchain technology in Wyoming in the US to track land transactions, Uzbekistan is also using blockchain for cadastre and real estate registration.

According to CoInduck, the Russian Digital Trust and the National Land Resources Commission of Uzbekistan have jointly issued a memorandum on cooperation in the implementation of blockchain technology. They have long studied all the advantages and disadvantages of blockchain technology, including registering cadastral systems and registering real estate through distributed technology.

The development of a pilot project published in cooperation between the two organizations has been completed. Project participants reported that by applying blockchain technology, greater transparency of cadastral data can be ensured and unauthorized changes can be avoided during real estate registration. Furthermore, participants agreed that all the benefits of creating a single registry through blockchain technology will have a positive impact on the investment climate in Uzbekistan.

It is worth mentioning that in October of this year, the Australian (NSW) government is seeking to use blockchain technology for real estate rights transfers because blockchain technology can make the transfer process more efficient, cheaper, safer, and more reliable.

Source: Webmaster's House