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.