Ukraine to Auction Seized Assets Through Blockchain Showing It Fights Corruption

Ukraine’s justice ministry shows their interest to digitally auction seized assets through the Blockchain.

Blockchain is set to progress to manage state properties and land registries by the end of the year 2017.

Transparent government transactions

The aim of such a move is to create an effective system to sell seized properties and other assets as well as to be more transparent, open and secure to the public about its information. In this way, there will be no accusations and other concerns about assets’ manipulation, Deputy Minister Serhiy Petukhov reiterates.

Moving forward, the Ukrainian government partnered up with Bitfury Group in April 2017. The said partnership will work towards making its auctions transparent and secure.

Valery Vavilov, Bitfury group’s CEO assures that a government system protected and built on Blockchain has the capability to process billions of dollars in assets securely. Moreover, this secured Blockchain can have a significant economic and social impact globally for addressing and implementing the need for accountability and transparency towards the public.

The partnership between Ukraine’s government and Bitfury Group aims to modernize efforts of the institutions to diminish corruption through the Blockchain. Ukraine has been allocated a $40 bln bailout by the International Monetary Fund (IMF) and other donations from Western institutions, so the country has to show it fights corruption.