Ukraine’s Government Plans to Auction Seized Assets On a Blockchain

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Ukraine’s justice ministry has actually started checking making use of a blockchain to digitally auction seized assets, according to a report by Reuters.

Theusage of the platform will broaden as the year advances, with an eye to carrying out state home and land computer system registries onto the blockchain by the end of the year.

Accordingto the report, Deputy Minister Serhiy Petukhov discussed:

“We want to make the system of selling seized assets more transparent and secure so that the information there is accessible to everyone, so that there aren’t concerns about possible manipulation.”

Towardsthis objective, the government has actually been officially partnered with blockchain company Bitfuryconsidering thatApril

CEO of Bitfury, Valery Vavilov, mentioned at the time that, “A secure government system built on the blockchain can secure billions of dollars in assets and make a significant social and economic impact globally by addressing the need for transparency and accountability.”

Thecollaboration represents an effort within Ukraine to modernise organizations and minimize corruption throughblockchain tech In exchange, the Ukrainian authorities have actually been given a $40billion bailout from the International Monetary fund and other donors, Reuters reported.

Ukraine justice buildingimage by means of Shutterstock

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