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Minister: Monthly number of blockchain-based real estate transactions in Moscow to reach 5 000

The number of blockchain-based real estate transactions in Moscow may soon reach 5 000 per month, as stated by the Russian Minister of Economic Development Maxim Oreshkin at the closing session of the Federal Service for State Registration, Cadastre and Cartography (Rosreestr).

“One of the most interesting projects deals with the implementation of blockchain technology in the system of real property registration. Rosreestr is actively engaged in the pilot project for registering real estate transactions of certain types in Moscow with the use of smart contracts’ logic in fully automated mode, that is, without human intervention,” – the Minister said.

“We estimate that at first there might be about 5 000 transactions per month. It should be also noted, that yet there is no other operable blockchain-based property rights registration system anywhere in the world. This is really great that we hold the leading positions in this field’” – Oreshkin stressed.

At the moment, Rosreestr is testing blockchain in Moscow and Leningrad Region. Unlike Moscow, Leningrad Region is used as testing ground for blockchain-based shared construction participation agreements.