Bitcoin mining company BitFury, the Republic of Georgia’s National Agency of Public Registry and renowned Peruvian economist Hernando DeSoto will announce Friday a partnership to design and pilot a blockchain land titling project.
The experiment revives blockchain enthusiasts’ dreams of using the technology — a transparent and secure ledger — for managing land titles. While in the United States and Western Europe, it’s common to have legal title to property such as homes, cars, etc., in many parts of the world, people do not have legal title to their assets. De Soto, president of Lima-based think tank, the Institute for Liberty and Democracy, estimates that the value of this “dead capital” totals $20 trillion.
It also signals a shift in direction for the San Francisco-based company that has, until now, been known primarily for mining.Read Complete Article