How "Blockchain" Technologies Increase the speed of public services provision
The Government for Citizens State Corporation, together with partner banks, has launched a new service: registration of collateral for real estate of legal entities using Blockchain technology. The launch of the service is a continuation of projects within the framework of long-term cooperation between the State Corporation and second-tier banks (STBs).
Combined with the capabilities of Blockchain technology in the banking sector, such as simplifying the issuance of loans secured by real estate of legal entities through online registration, a multiple reduction in costs and transaction registration time will be achieved. Thus, the deadline for registering a deposit will be reduced from 3 days to 1 hour by eliminating the collection of documents and eliminating physical contact between the recipient and the service provider.
In general, the arsenal of cooperation between the State Corporation and the STB includes such services as registration of encumbrances in the form of collateral for individuals and its termination, the conclusion of a lease agreement under the state program for socially vulnerable segments of the population and a contract for the sale and transfer of real estate.
In 2024, using Blockchain, the State Corporation and the STB launched services for registering assignment of claims under a loan agreement, changing encumbrances as a result of changes in the terms of the agreement, and registering a pledge agreement for non-residential premises.
To date, more than 360,000 applications have already been reviewed using Blockchain technology. The volume of registrations of encumbrances on real estate carried out using Blockchain technology increased in 2024 by almost 1.5 times compared to the same period in 2023, amounting to 131.7 thousand transactions against 87.8 thousand, respectively.
The cities of republican significance Astana, Almaty and Shymkent, from the regions of Aktobe, Turkestan, Karaganda and Almaty, showed the highest activity in using the new technology. The new service is aimed at expanding the range of services using Blockchain technology and transferring the entire volume of contracts from banks to electronic registration.