Unlike other countries that may believe the technology behind Bitcoin, Blockchain, is a “fraud” and may trigger financial crisis in the future, Ukraine is turning to blockchain to manage its farmland registry. Bloomberg reported that Ukraine believes that the system they are using now for managing the land ownership may be subject to fraud and not working. So, blockchain comes to the rescue for the problem.
According to Bloomberg, the integration of blockchain to manage the registry can increase efficiency and transparency, said the First Deputy Agriculture Minister Maksym Martynyuk.
The importance of this issue comes from the fact that the International Monetary Fund, as the major creditor for Ukraine, holds the requirements for managing land reforms. IMF has held back funds from a $17. 5 billion bailout as Ukraine was not able to meet the terms. What blockchain can help do is improve the efficiency and overall performance of the registry, so that the sale of farmland is open as a process again.
One problem that may arise in Ukraine to initiate the overhaul and replace the old system with blockchain may be the political situation in the country.
What the blockchain system can do is allow for simultaneous changes in the registry to be made and all entries will be visible to all in the registry, as the UNION Information Agency reported.