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World Bank: Georgia Surpasses Many Countries in terms of Blockchain Technologies

World Bank (WB) is exploring Georgia’s experience in blockchain technology development. WB Chief economist Hans Timmer told BMG that the system makes transactions transparent and this technology simplifies and cheapens transactions.

“Georgia genuinely surpasses many countries in this component and that’s why we have selected your country. I am astonished at coverage of this technology in Georgia.

It is huge benefit that state services become transparent. When you place data in blockchain system, you are able to see all transactions. The system is very transparent and transactions become simple and cheap. It may be compared to digital subscription, when people are able to implement services or transactions in online regime, instead of visiting various offices. At the same time, you should be determined why you need blockchain. For example, if you want to have centralized database, which will be accessible to everybody, then then blockchain system is not necessary, but if you want that your data appear at many places, then blockchain has huge advantages”, the WB chief economist noted.