World Bank Studies The Development Of Blockchain Technologies In Georgia

World Bank Studies The Development Of Blockchain Technologies In Georgia

To study cryptocurrency and blockchain development perspective in Georgia, Hans Timmer, Chief Economist for the Europe and Central Asia region of the World Bank, held meetings with representatives of private sector and governmental agencies. Hans Timmer states that in terms of innovative project development, Georgia is ahead of many countries of the world.

“Distribution of these technologies in Georgia really surprised me. With this regard Georgia is actually ahead of many countries and that is exactly why I selected your country”, – stated Hans Timmer.

According to him, blockchain can facilitate increasing the effectiveness of governmental services and make them more transparent. For this, Georgia should continue and develop the pilot project, which includes land registration in blockchain.

“This is a pilot project, which should be developed. The fact that you are using blockchain for land registration means that the government of Georgia, as well as the population, are very innovative”, – states Mr. Timmer. Hans Timmer compares development of blockchain with digital signature and states that this will result in reduction of corruption risk and improvement of transparency.

“When data is uploaded in blockchain system, it is possible to see all the transactions. The system is very transparent, and transactions become easy and cheap. It can be compared with digital signature, when people can conduct transactions or receive services online instead of visiting different institutions. However, you have to clearly define what specifically you need blockchain for. For instance, if you want to have a publicly accessible centralized database, you don’t necessarily need blockchain. But if you want your data to be uploaded in different places, having blockchain system in place is an advantage”, – explains Hans Timmer.

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