Blockchain-Based Project for Real Property Registration to Start in January 2018

Vnesheconombank’s blockchain commune has hosted a meeting discussing the launch of the joint pilot project of Vnesheconombank and the Federal Service for State Registration, Cadastre and Cartography of the Russian Federation to use blockchain solutions for the registration of real property. The meeting was attended by First Deputy Prime Minister Igor Shuvalov, Vnesheconombank’s Chairman Sergey Gorkov, Deputy Economic Development Minister and Head of the Federal Service for State Registration, Cadastre and Cartography Viktoria Abramchenko, Head of the Federal Taxation Service Mikhail Mishustin, representatives of agencies and non-profit organisations. The meeting discussed the project’s main objectives and the possible deadlines for its phased implementation.

Igor Shuvalov emphasised the need to ensure that the blockchain solution for the registration of real property would be fully functional before making amendments to legislation. “It is important that the new system should be convenient for people and reduce their expenses. A digital economy should be able to provide comprehensive services, jointly using private and public resources,” the First Deputy Prime Minister said.

“Vnesheconombank is carrying out six blockchain-based pilot projects, but the project for the Federal Service for State Registration, Cadastre and Cartography is currently the largest and most important. The launch is scheduled for January 2018. The database of real property will be exported from the Federal Service for State Registration, Cadastre and Cartography into the blockchain, and people will be able to use it. The access interface will enable users to see and understand the blockchain component of the database,” Vnesheconombank’s Chairman Sergey Gorkov said.

“A lot of countries have announced their intention to introduce blockchains into the real property registration systems, and we are beginning this process as early as January. We want to test the technology, assess its benefits for users of our services. Its obvious advantages are data continuity, transparency and transaction speed. In addition, we are investigating the possibilities of employing machine learning technology for automatic legal due diligence of transactions. In combination with blockchain technology, this can restructure all governmental information resources in the near future,” Victoria Abramchenko said.

“Blockchain technology is able to protect information from misuse and facilitates data control. It will allow people to remotely receive legally important services, businesses to reduce costs related to control measures, the government to apply more sophisticated technology and, in general, rebuild processes and manage information in a new way. Blockchain technology has the potential for bringing down infrastructure costs with improved reliability and security,” a spokesperson for Igor Shuvalov’s office said.

Press Office