Swedish Land Registry tests blockchain-based land registry solution

Blockchain | June 21, 2016 By:

The Swedish Land Registry announced it is conducting tests to put the country’s land registry system on blockchain.

Lantmäteriet, or the Swedish Land Registry, revealed that it is working with blockchain startup ChromaWay, consulting firm Kairos Future and telephone service provider Telia on a proof-of-concept that investigates how blockchain tech could reduce the risk of manual errors while creating more secure processes for transferring documents.

“Digital documentation of property transfers and good technology will enable confirmation for all parties in a real estate transaction of highest level of security. Being able to assign pending title deed is also something of value for all parties. Everyone will benefit from this,” said Mats Snäll, head of development, real estate registration, Swedish Land registry.

The first step of the project has been completed and in the following steps, there are plans to further the development of the technology in a test environment, involving real estate agents and banks. Swedish bank Landshypotek has decided to become a partner in the next step.