Blockchain technology can become an effective and efficient tool for combating the use of fake documents when registering citizens' rights to real estate and land.
This is not the first time that the topic of blockchain has been raised in the parliament of Kazakhstan. Thanks to government support for the development of digital technologies, development of a fiscal system based on Blockchain technology became possible. The Ministry of Finance has already started implementing a decentralized database to track the sales chain and VAT refunds.
New projects are approaching in the real estate, land cadastre and banking sectors. This is precisely the proposal made by Deputy Chairman of Parliament (Mazhilis) Vladimir Bozhko. Blockchain can become an effective tool for combating fraud in the registration of property rights.
It is no secret that today it is not uncommon to register rights to real estate using forged documents and the introduction of blockchain technology can put an end to this in the shortest possible time. This practice has already been successfully used in India and Georgia, and Ukraine and Sweden are planning to introduce a similar use of distributed registries.
The introduction of a new system will allow you to safely store data on property rights and open access to the legal cadastre to interested departments, banks, realtors and construction companies. According to Bozhko, about 1.7 million real estate rights are registered in the country annually and more than 10 million certificates of ownership are issued in electronic format. This requires considerable financial and human resources both to ensure the procedure itself and to control the quality of public services. Transferring the legal and land cadastres to the blockchain system will eliminate the very possibility of using a fraudulent scheme with fake documents and will make the process guaranteed fast and safe, as has been shown by the practice of using such technology in Georgia and the USA, where unhindered access to the real estate register ensures the transparency of the processes of registering property rights.
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