Ukraine’s Justice Ministry Trials Blockchain-Based Auction

Blockchain, Innovation | September 8, 2017 By:

The Ministry of Justice of Ukraine has begun testing the use of blockchain technology to digitally auction seized assets. The trial is a part of a broader effort to enhance transparency in government transactions.

Deputy Minister Sergiy Petukhov said that the justice ministry has started using the technology for auctioning seized assets and plans to transfer state property and land registries to the platform by the end of the year.

“We want to make the system of selling seized assets more transparent and secure so that the information there is accessible to everyone, so that there aren’t concerns about possible manipulation,” said Petukhov.

The Ukrainian authorities has been experimenting with blockchain to modernize state institutions and eliminate corruption. In April, the Ukrainian government teamed up with BitFury to build a full-scale blockchain eGovernance program for the country. More recently, it partnered with Propy to allow online real estate purchases by foreign investors using blockchain technology.