Georgia already uses blockchain for land records. The panel debates whether governments should build public or private blockchains for services like property sales and auctions, with speakers predicting G20 adoption within 15 to 20 years.
The good examples of blockchain applications and government services is in former Soviet Republic of Georgia, where the entire land registry of the country and all the transactions and buy sell agreements for property now are using blockchain, which makes it very secure, very efficient and very quick. Also there are some other uses of blockchain, potentially electronic auctions systems, smart contracts for buy sell agreements for properties. And we have some of those use cases in the Republic of Georgia as well as in Ukraine.
I think that governments implementing blockchain services is a great idea. I think that in general, the technology which is provided by blockchain is a technology that actually provide more advanced technological solutions for the same things that government are providing solutions for today. Just like email was providing a solution to mail that was provided by governments, and even YouTube in many cases provided a solution for television that was provided by governments. Today currency issuance is a service provided by governments that, that it's not dependent on them alone anymore. Because now you have alternative as well as judicial system. Like when you're talking about the legal framework, this is something that the government provide and this is something that smart contracts addressed in a very innovative way. So I think that we will see a lot of government services and main thing is bureaucracy that is going away thanks to the blockchain, because the blockchain is really about replacing bureaucracy. It's about providing online proofs for anything that you need proof for. And the fact that we have that technology today means really exciting thing for how we will organize and collaborate between ourselves in the future.
Well, I think that there's a huge opportunity for the blockchain to replace a lot of the things that the government does. And so blockchain is probably the best chance we have at having a much smaller government. A lot of things that have a lot of bureaucracy and a lot of people involved in them. And those systems, they're very bloated and blockchain can sort of streamline them and do a lot of things in a much simpler manner and with a lot more transparency to make sure things actually get accomplished. And we don't need so much government intervention in our lives.
In the most recent study that was published by G20, it is stipulated that in the next 15 to 20 years, all G20 countries will be using blockchain one way or another. It is hard to speculate how long it will take for the entire world to switch to blockchain. But already today in countries from Asia to Africa to Europe, South America, United States, we see different blockchain applications. Whether it's government services or enterprises, as.
Most of speakers and experts think, also have a strong opinion that blockchain will be a strong enabler for governments in the private sector. What makes a difference probably is that I'm for example, not a strong believer of private blockchains. And I think a government needs to to work with a permissioned blockchain. So when it comes to liquid democracy and to public blockchains, people will understand government as a service and governments right now don't act as a service to citizens. So I think there's a big paradigm that needs to be resolved. But in my opinion, people will place their bet. I mean, that's why I'm in this environment, because I'm a strong believer of public blockchains and tokens and that people can really interact peer to peer and bypass a lot of intermediaries or regulators. Which doesn't necessarily mean that I promote tax fraud or turning back to public system. I'm in fact in the business compliance or in the compliance business in crypto generally.
Public sectors everywhere by definition don't work, don't tend to lead to technological innovation. So everyone is free to carry out a project. I'm more interested in private individual projects than in governments trying to do things in this area. I think governments have other roles and building blockchains is probably a little bit outside their role, I would say.
So the first smart government was the government of Dubai. When the ruler came out in November 2016 and said that Dubai will be the first smart city in the world by 2020, he didn't say if it was January 2020 or December 2020, but it doesn't matter. He gave himself four years, hired the smartest people to run that piece of the government called Dubai smart city, started doing lots of conferences in the crypto world and eventually they could become the gold standard of what it is to be a smart city. And then everybody else should copy, which, you know, copying somebody else is the greatest form of flattery.
In the Netherlands we have many implementations of blockchain and government services. And you can see many different countries where they are trying in Dubai. In Singapore, certain industries, especially in the ports, they are doing projects with blockchain. And I think there is great value of the adoption of blockchain technology in government services. Look at Lithuania, what they are doing there. It's perfect. Now this is going to happen. They are one of the early adopters.
