Making Use of Bitcoin Technology for Land Titles in Honduras
The use of bitcoin technology in the real estate industry has been one of the newer areas of development for the cryptocurrency these days, and Honduras has shown some progress in incorporating the blockchain in creating a registry for land titles. The country, which is one of the poorest nations in the Americas, has grapped with land title issues in the past. In particular, the land title database has frequently gotten hacked, allowing some bureaucrats to conduct fraudulent operations in securing properties. Bitcoin Technology Applications. Texas-based company Factom confirmed this....
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Texas-based record-keeping service Factom has reportedly partnered with the Honduras government to pilot a program using the blockchain to record land ownership in the country. The trail will be made with the help of software company Epigraph, a title registry company building "next generation" solutions, based in Austin, Texas. As reported by Reuters, the Honduras government has agreed to use "a permanent and secure land title record system using the underlying technology behind bitcoin." The idea to use the blockchain to record land ownership in underdeveloped countries was a use case....
Blockchain recordkeeping startup Factom has issued new public comment on its long-contentious partnership with the government of Honduras, calling a previously announced proof-of-concept "stalled". In a new blog post, Factom CEO Peter Kirby spoke generally about the difficulties of working with global governments on land title projects, but also addressed past questions about the validity of the initiative. Controversy arose earlier this year when doubt was cast on a rumored partnership between Factom and the government of Honduras, which would have found the Central American nation....
The Republic of Georgia has formally teamed with Bitfury Group, a provider of blockchain infrastructure, to use the bitcoin blockchain to validate property-related transfers, according to Forbes. Bitfury Group first partnered with the Georgia government last April to register land titles using a private blockchain and to verify them using the public bitcoin blockchain. This marked the first time a national government used the bitcoin blockchain to validate and secure government actions. Parties Expand Agreement. The Georgian National Agency of Public Registry (NAPR) and Bitfury have agreed....
Bitcoin, the cryptocurrency associated with the use of blockchain technology, has struggled to shake of the negative reputation and skepticism for years. However, blockchain itself still holds the tremendous potential to transform, not just the financial industry, but other sectors as well. Blockchain refers to the public ledger of transactions, which are updated upon verification and operate under an additional layer of security. High-powered computers are programmed to solve algorithms to verify each transaction and in doing so, these cannot be amended or deleted. Blockchain Technology....
Yes, you read it correctly! Apart from the widely-known applications in financial and payments industry, Bitcoin technology has the potential to transform the 'Practice of Law.' Practice of Law generally refers to lawyers giving legal advice to clients, drafting legal documents for clients, and representing clients in legal negotiations and court proceedings such as lawsuits. Notably, it also implies that those law firms and lawyers who are appreciative of the true potential of the Bitcoin technology will definitely gain a decisive advantage over their disinterested peers. Bitcoin and Law....