Australia’s New South Wales To Trial Blockchain For Property Transactionsbr>
The government of the Australian state of New South Wales (NSW) is exploring blockchain technology to make property conveyancing electronic.
The NSW Land Registry Services is partnering with Stockholm-based blockchain startup ChromaWay to conduct a proof of concept (PoC) on a selected number of use cases, with completion expected by early next year. Once the PoC is complete, all mainstream property transactions in NSW will be lodged electronically and all paper-based Certificates of Title will be cancelled.
The NSW Land Registry Services maintains the system that defines the legal ownership of both public and private land across the state. ChromaWay AP strategic advisor Nicholas Delaveris said the goal of the PoC is to provide hands-on experience with developing blockchain solutions and to let NSW Land Registry Services evaluate potential cybersecurity, efficiency increases, and service improvements.
“Through the project, [Land Registry Services] will gain a deeper understanding in how this emerging technology can contribute to the smoother functioning of local and national property markets,” Delaveris said.
Delaveris believes that through the use of blockchain, the data the registry holds will remain secure and immutable, while also being accessible and searchable.
“It will provide a more complete and comprehensive view of land rights, restrictions, and responsibilities, which will streamline decision-making for government and land sector actors, provide increased information transparency, and reduce data duplication,” Delaveris said.
NSW Land Registry Services CEO Adam Bennett said blockchain and distributed ledger systems are being implemented in land jurisdictions overseas where they are already delivering significant benefits. He added that Land Registry Services would be making a series of “targeted experiments” in order to test “selected use cases” for the technology.
The property conveyancing PoC is not the first state initiative to use blockchain technology. The NSW government has also implemented a blockchain system for digital driver’s licenses, which launched last month.