BitFury CEO: Blockchain Can Deliver Transparency And Accountability To Any Democracy

On April 29, The BitFury Group, one of the world’s leading Blockchain technology companies, announced its expansion to full-service digital asset company. In addition to its hardware, the company will now be offering a comprehensive suite of software capabilities.

New software solutions include big data mining and advanced blockchain analytics which provide the ability for the law enforcement agencies to trace nefarious activities on the bitcoin network.

“The BitFury Group’s vision is that Blockchain adoption can further accelerate as it becomes a technology for the mainstream unhindered by unlawful elements and actively supported by regulators”, stated the company in the press-release.

Additionally, The BitFury Group intends to support and develop Lightning Network initiative on bitcoin’s off-chain scaling; and to create a platform for digital assets management on a cloud-based blockchain under Platform as a Service principles.

However, the company’s pilot project on transferring land title registration onto the blockchain, recently launched  in the Republic of Georgia in partnership with the country’s National Agency of Public Registry, remains one of the most innovative and prominent company’s initiatives. The BitFury’ Group CEO, Valery Vavilov, talked with ForkLog on the Georgian project and the company’s further plans.

Valery Vavilov, CEO and Founder of BitFury Group

FL: BitFury has just announced the blockchain-based land titling project in Georgia. What will it bring for country’s residents?

Valery Vavilov: We are excited about this project because we believe that the Blockchain can deliver further transparency and accountability to any democracy, reduce friction and challenges that can come with any large system, reduce operational costs and – most importantly – advance economic opportunity for all.  We are proud to be leading this project through innovation.

FL: What is the stage of the project right now?

Valery Vavilov: We are thrilled that the MOU is signed and we are in the early stages of putting this effort together with our technical experts on the ground working directly with the Government of the Republic of Georgia.

FL: Will this land registry platform be based on existing public blockchains or do you have something different in mind? Why so?

Valery Vavilov: We are designing a private blockchain specifically for this project that will be anchored to the public Bitcoin Blockchain.

FL: How long will it take from now on to working prototype?

Valery Vavilov: We are working hand-in-hand with the Government of the Republic of Georgia to create this program from the ground up. We will keep the people of Georgia and any additional parties updated on our progress.

FL: When do you plan to expand the land titling platform to the other countries? Which countries would be first in the list if politics would be not such a big issue?

Valery Vavilov: We don’t have any announcements to make at this time. We are focused on our efforts in Georgia but we do hope that our work can and will transfer to other countries in the future. The Republic of Georgia is a great place to pilot this project and we hope it will become the example to the world of what is possible on the Blockchain.

FL: Do you think all those land registries of different states could be connected in one blockchain?

Valery Vavilov: We’d be happy to provide updates on our progress as we move ahead on this important project.

FL: What other public service projects on the blockchain do you have in your pocket?

Valery Vavilov: We have many hopes for the future of the Blockchain. We are currently expanding our business into advanced software in addition to our cutting edge hardware. We don’t have any official announcements to make at this time about our future plans but we will definitely keep you informed.

FL: There are some other initiatives in blockchain-as-a-public-service’s field, like BitNation’s cooperation with Estonian e-Residence program or Ukrainian blockchain-based eAuction for privatization and e-Vox voting platform. Do you plan to cooperate with any of those projects in the future or do you think the competition would be better for the market?

Valery Vavilov: We believe in the power and potential of the Blockchain and we believe in forging partnerships all over the world. As an industry leader we will share best practices and lessons learned to make sure the industry continues to evolve and innovate. And we will let you know when we have our next announcement.

Interviewed by Eugene Muratov