Russia is ‘Considering’ Blockchain Tech for Real Estate

Russian authorities are looking into the possibility of registering real estate and housing projects on a blockchain.

According to a regional report, the Russian Ministry of Communications is considering the use of blockchain technology for agencies including the Federal Registration Service, a federal executive body that records registration of rights to real estate and all related transactions.

Speaking to reporters, Nikolai Nikiforov – head of the Ministry of Communications of the Russian Federation stated:

[W]e are considering the use of blockchain in the work of such agencies as the Federal Registration Service. Automatic real estate transactions, in particular, are considered as a pilot project for the use of blockchain in transactions related to equity construction and joint housing development.

A similar effort is already taking shape in Japan, where the government is looking to consolidate all real estate data into one viewable data record on a blockchain.

Source: Russia is ‘Considering’ Blockchain Tech for Real Estate

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