Saint Petersburg town property will be sold using blockchain

The Property fund of Saint Petersburg has announced the creation of the blockchain-based trading platform, reports Fontanka.

Authorities assume that decentralization might allow avoiding such common for existing platforms mistakes as untrustworthy information about assets, editing of history and details of bargains, fix-ups between participants, etc. Besides, representatives of the fund hope that the new format will allow sifting dishonest bidders.

It is also reported that money for the project development will be allocated from the city’s budget. The sum and terms of project realization have not been disclosed yet. Preliminarily, the new service is planned to be launched by the end of 2018.

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