Ukraine’s Justice Ministry launched blockchain system

Ukraine’s justice ministry launched auction tests using blockchain technology for the first time on Wednesday as part of efforts to increase transparency in government transactions. The project is part of a broader effort by the Ukrainian authorities to modernize state institutions and fight corruption.

Tinuku Ukraine’s Justice Ministry launched blockchain system

The nation is using US$40 billion bailout fund from International Monetary Fund and other donors. In April, the global technology company, the Bitfury Group announced it will work with Ukraine to put various government data on the blockchain platform.

"We want to make the seized sale of confiscated assets more transparent, secure, and accessible to everyone, so there is no concern about the possibility of manipulation," said Deputy Minister of Ukraine Serhiy Petukhov.

Blockchain is a big book that records transactions on a permanent basis and tracks every asset or transaction. Blockchain first emerged as the underlying bitcoin software and has since become a key technology in the private and public sectors.

Ukraine continues to make reform efforts, such as the declaration of wealth of officials and online procurement system. However, personal interests and corrupt practices remain rooted due to weak regulations.

Petukhov said the Justice Ministry has begun using technology to auction off confiscated assets and plans to move state and agrarian property to the platform by the end of the year.