The Ministry of Communications of the Russian Federation is considering the usage of blockchain technology in the field of real estate, its registration and cooperative housing projects, the head of the Ministry, Nikolai Nikiforov told reporters.
Blockchain is a distributed database that used to maintain a continuously growing list of records, so-called blocks with timestamps and links to previous blocks. In particularly, a database storing information about transactions of a popular in the world bitcoin currency operates based upon this technology.
“For example, we are considering the use of blockchain in the work of such agencies as the Federal Registration Service. Automatic real estate transactions, in particular, is considered as a pilot project for the use of blockchain in transactions related to equity construction, joint housing development,” Nikiforov said.
