Sweden to Execute its First Blockchain Based Property Transaction
Reportedly, the Lantmäteriet, Sweden’s land-ownership authority, will soon execute its first property transaction using the Blockchain technology
The Wall Street Journal (WSJ) on March 7 reported that after two years of testing, the Lantmäteriet, Sweden’s land-ownership authority, will embark on its very first Blockchain technology based property transaction.
Lantmäteriet’s chief digital officer, Mats Snäll, stated, “From the technology point of view, we are quite ready,” reported WSJ. At present, the volunteers to participate in buying and selling a property on its own Blockchain-based platform are being finalized by the Lantmäteriet..
For the Blockchain real estate development project, the Lantmäteriet has partnered with ChromaWay, telecom company Telia Co. AB and consulting firm Kairos Future. In 2016, Lantmäteriet began testing the application of Blockchain technology and by March 2017 the land registry authority completed its second stage of trails. The technology was put to use for registering land and properties on the Swedish Blockchain startup ChromaWay’s private Blockchain network by July 2017.
It is to be noted that the even at present Lantmäteriet operates in a “highly digitized and paperless” system. However, as of now, it takes three to six months of time for the process of signing a contract to registering a sale. According to Jörgen Modin, chief solutions architect at ChromaWay, “it could be hours” with the introduction of the Blockchain system. This tech will enable the buyer and seller to undertake a deal even when they are not located in the country.
However, in view of the fact that the use of digital signatures for registering or purchasing properties is currently unlawful under Swedish law, the implementation of blockchain technology will not entirely be that easy.
It is quite evident that major organizations around the world are exploring the use of blockchain technology, as in September 2017, the US Nasdaq and Swedish bank SEB undertook to test a Blockchain-based trading platform for mutual funds.
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