How Blockchain Technologies Increase the Speed of Public Services

The State Corporation "Government for Citizens" together with partner banks 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 (STB).

In combination 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 time for registering transactions will be achieved. Thus, the term for registering a collateral will be reduced from 3 days to 1 hour due to the elimination of document collection and the elimination of physical contact between the service recipient and the service provider.

In general, the arsenal of cooperation between the State Corporation and STBs includes such services as registration of the emergence of an encumbrance in the form of a collateral for individuals and its termination, conclusion of a lease agreement for the state