The Swedish Land Registry, ChromaWay and Kairos Future have released a Proof of concept with a white paper and a technical demo for registering and recording land titles that taps into Blockchain – showing the solution and the benefits for society.
You can try the demo here.
“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 Swedish Land registry has become an authority in the forefront in Sweden. With this technology will we be able to continue to give support in foreign aid projects world wide. We are already involved in a project in Georgia with our fellow authority their. We support them in their work to enhance processes and establish real estate operations. Now they are also looking at a technical solution with the Blockchain,” added Snäll.
Today Swedish people sign several physical documents such as contract, bill of sale, and credit documents in a real estate transaction. These documents are sent by traditional mail, sometimes they can use scanned copies of the documents. If digital signatures are used by the parties involved the whole contracts can be digital, which simplifies the process and can still be secure.
“ChromaWay was the first organization in the world with solutions for registering contractual processes in the blockchain. We are proud to contribute to establish the technology for real estate transactions, an area we have been looking at for a long time,” said Henrik Hjelte CEO ChromaWay,
“Predicting the future is difficult and the blockchain technology is complex. By contributing to the creation of this demo and writing the white paper, we hope to increase knowledge in this area and stimulate innovation. The value for society of the technology can be beyond imagination,” added Magnus Kempe, Director Retail and Finance at Kairos Future,
The Blockchain can regulate and control the workflow and digital signage. The Blockchain verifies the correctness of the document and the rules and order of authorization with a technology for storing digital fingerprints. The fingerprints are unique for every document, register and process step, hence become a verification similar to a human fingerprint.
Digital contracts also reduce the risk of registering incorrect information and the inability to get title deed, the confirmation from the Land registry of ownership of the land. The proposed solution would make Sweden the front runner in this field.
“This is a very exciting project in the forefront of technology. It is also a project showcasing the value of cooperating in partnerships, in this case with the Swedish Land registry. We are challenging the status quo and investigating the opportunities to digitalize processes and services. The objective is to shorten lead times, increase security, and create customer value for the users of the services of the Land registry. This way of working will probably get more common and the preferred way industries and institutions converge to solve challenges for businesses and society,” said Magnus Leonhardt, head of business development at Telia Company’s Enterprise division.
“The first step in the project is now finished with a promising outcome. In the next step of the project we plan a further development of the technology in a test environment and with real estate agents and banks involved. To the next step Landshypotek bank has decided to be a partner.”
“With the next generation technology we enable real estate transactions to become more efficient, secure and easy to understand for our customers. We want to test and contribute to building an infrastructure that connects different actors and digitalise a manual process, which today is both time consuming and complex for the customer,” added Liza Nyberg, CEO Landshypotek Bank.