At this time, approximately 71 percent of the country is categorized as agricultural land, of which 25 percent is owned by the state. The land market, however, is very depressed, according to a recent report by the state agricultural department. The reason for this market depression is the lack of suitable financial instruments for leases and land transfers.
At this time, the lease market is being tarnished with a profound black market. This has led to dramatic lease price reductions (the lowest in Europe). The application of a Blockchain system that will protect the auctions from black market controls would provide a way to stabilize the land price slide and increase income for farmers.
The deputy director said: “In today’s resolution, we have written two things: the transfer of the State Land Cadastre to blockchain technology. It is the most advanced technology in the world to protect information. This is a pilot project that we will launch this October.”