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Blockchain in Business Registry – must or nice to have? (ECRF Gibraltar 2018)

Presentation describes the implementation of KSI Blockchain to the Business Register, as well as its further implementation plans.

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on 29 June 2018

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Transcript of Blockchain in Business Registry – must or nice to have? (ECRF Gibraltar 2018)

2h per day for commuting
10h per week
480h per year = 60 working days per year for commuting! Smart?
Blockchain– must or nice to have?
Ingmar Vali

Centre of Registers and Information Systems
Policy and regulation to support e-services

1. Electronic signature act

2. eID document policy- mandatory

3. Data exchange policy Gov2Gov

4. Legal act availability policy

5. E-residency for everyone!


Country in Europe.
• Estonia has a population of just 1.3 million but land
is larger than Denmark or Holland.
• The Estonian language.
• In winter it gets very cold and we get plenty of beautiful snow.
No, there are no polar bears in Estonia.

• Estonia is almost 50% forest.
• Tallinn is our medieval capital and by far the biggest city,
with a population of around 400,000.
• Estonia has over 1,500 islands.
• Public WiFi is FREE
• Estonia is an e-country – most people use e-banking,
pay parking with a mobile phone;
pay taxes online;
start company via internet;
or even vote, online.

Blockchain- Must or nice to have?
Must have for electronic registers!

Strategic approach & regulation
The Case of Business Register of Estonia
Small country= small number of people.
Government service is the same- big or small.
Small countries need to be smart.
Solution= IT
Braking the ice to use e-services
Service desk is empty, users are online
Home office for registrars!?
E-services + e-signatures + blockchain = security & efficiency
Processing time in 2005 ca 90 days
e-Notary interoperability
Processing time today ca. 5 days
Secure data
Mobile view
More interoperability
More content
More reuse
3D map
3D buildings

Mandatory to use Notary
as a middleman in
ownership transfer.
Land Registry
Once only principle!
Maximum availability and security
Vision #Paperfree
Paper process

Real estate related registers in Estonia
Ministry of Environment
Ministry of Economy
Ministry of Justice
Domain of ...
Land Board
County court
Building Register
Land Cadaster
Land Register
(owners, mortgages)
Cadastre registration 97%

660 062 Cadastre units, total area 4 220 082,8 ha - 97,1 % Estonia

Smallest CU is 1m² (2 ptc);
Largest 8908,4 ha

Mapped restrictions and utility networks

130 registrars

280 land surveyors
Land Board
Land Board
Statistics 2017
Deed scanning project 2008- 2015

More than 900,000 files.
All in all over 8,000 shelf meters.
Meta data mined in the scanning process.
Scanning performance ca 15 minutes per file, 3 files per hour.
24 scanners, 24 extra staff hired.
12 cameras for large maps.
Paper file documents are digitized as separate PDF files.
Electronic signature added to guarantee electronic document integrity.
Budget: approx. 1 130 155 EUR
Scanned: 525 500 files ( 2,1 EUR per file)
Result: 100% files in electronic format .

1. Document format A3 and larger - Plans.
2. Stitched documents, 50-70 pages- notary seal.
3. Files containing more than 1000 pages.
4. Meta data quality
Data mining from paper Title page- letter by letter.
Electronic register gained legal power in 2008
Data mining project 2000 - 2008

Electronic process
electronic signature
Land Register
Challenges in electronic registry management

Signature cryptographic keys (1024) get old and vulnerable.

Use stronger cryptographic keys (2048).
Resign old documents with stronger key (6,5 million electronic documents).
Unexpected outside threats
Cyber warfare,
DOS attacks (harmless)
Flaws in technology
700 000 citizens ID-cards have technical flaw!!!

Long term archiving of documents
Time to repair - 15 days.
Alternative use mobile-ID
Update certificates from distance
Using blockchain
like technology
8000 meters
0 meters
Blockchain implementation Stage 1 - Define the problem
I want to know that no one has fraudulently or by accident changed the records in the Business Registry database.
Possible fraudsters:

1. Hackers
2. Cyber attackers (political)
Man from inside
4. Programmers bug
5. IT-System error
6. ...AI

Implementation Stage 2 - Analyse
1. Technology opportunities
2. Technology options
3. Best practices

Business analyst
Business owner/lawyer
External Blockchain expert

Implementation stage 3 - small scale pilot
Register of Wills
How to Ensure Data Integrity: Step 2 –Continuously Verify the State of Those Assets
Last will
Last Will
Stage 4: Business registry project and investment decision
Stage 5: Public procurement and development
Stage 6: Implementation of the blockchain to
Business registry IT-system.

Business Register integration to blockchain
Record 1 & PDF
Business registry database
Record 2 & PDF
Record 3 & PDF
Record 4
5 - mortgage 1
Record 6

Hash 1
Hash 1+
Hash 2
Hash 2+ Hash 3
Hash 3+
Hash 4
Hash 4+
Hash 5
Hash 5+
KSI Blockchain
Director record entry 1 & PDF
Business registry database
Director record entry 2 & PDF
Director record entry 3 & PDF
entry 5 - mortgage 1
Director record entry 6

Record entry 4
Challenges in implementing Blockchain to Business Register
1. Innovation may take longer than expected.
It is OK to make some mistakes and try again.

2. Pilot it first in small scale.

3. Blockchain experts alone will not make it work. You need business people and business registry experts to make it work.

4. Take it step by step. Not all problems can be solved at once.

5. By design, blockchain will add complexity to information updates.

6. Bitcoin is not the only blockchain service provider

7. How people understand the "Protected by blockchain" innovation?


Is blockchain recommended for paper based registry? No!
Is Blockchain recommended to electronic business registry? Yes!
Goal: keep business records free from unauthorized changes.
Company registration time today ca. 2 hours
Protected by

electronic signature
What information?
Entrepreneurs +
Full transcript