Pavlo Petrenko: the Ministry of Justice improves the possibility to transfer the real estate register to the blockchain technology

Sep 03, 2018 | E-justice, Property rights protection

Minister of Justice of Ukraine Pavlo Petrenko in an interview to “Slovo i Dilo” analytical portal reported on electronic trust services and the possibility of transferring the register of real estate to the blockchain technology.

In particular, he emphasized that the Ministry of Justice had developed a rather progressive law on electronic trust services. The innovations include the introduction of the Mobile-ID service, which provides additional identification opportunities in relations with banks, relations with government institutions.

"In addition to this innovation, there are still many others that will enter into force at the end of this year and the next year. This is an opportunity to conclude electronic contracts, opportunity to check you as a party to contractual relations with other states. That is, you can make cross-border contracts, confirm your commitments, there are a lot of such progressive innovations that will encourage and urge state authorities to move on to e-governance", the Minister said.

He emphasized that Ukraine is the first country in the world to launch an electronic trading system for arrested property (CETAM) running on the blockchain technology on the implementation level of the government decision. According to the Head of the Department, the Ministry of Justice is currently working on the possibility of transferring the real estate register to the blockchain technology. The Ministry cooperates with BitFury to implement this technology.

"A memorandum was signed between the Ukrainian government and the American company BitFury, which is one of the most progressive blockchain developers. As part of this memorandum, we, Ministry of Justice, have agreed to launch a pilot project. We will focus on the software that implements the confiscated property sales. Ministry of Agrarian Policy of Ukraine will cooperate with the developer regarding land cadastre", explained Pavlo Petrenko.

The Minister added that BitFury provides this technology for free.

"We plan to apply the same approach to creating a real estate register, and eventually a business register. It is more complicated, therefore, we set such priorities. I think that in early autumn we will already publicly announce a blockchain implementation roadmap in these two registries”, the Minister of Justice summarized.

Full version of the interview is available at the link (UKR):