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.
- WAX Partners with Xsolla to Offer Its Platform to More Than 2,000 Video Games - November 20, 2017
- Pundi X integrates NEM blockchain to Bring Cryptocurrency Payments Into Retail Stores - November 20, 2017
- Fujitsu Develops Security Technology to Safely Connect Blockchains - November 20, 2017
- Jibrel Network Announces a Highly Successful Pre-sale Round - November 20, 2017
- KRAFTWERK on Blockchain - November 20, 2017
- MintHealth: Empowering Patients to Take Control of their Health and Data via Blockchain Technology - November 20, 2017
- IBM Completes PoC Of Blockchain-based Shared KYC With Deutsche Bank, HSBC, MUFG And Cargill, IBM Treasuries - November 20, 2017
- LetsEnhance.io to process images on Neuromation Platform - November 20, 2017
- Blockchain And AI Researchers Propose A New Model To Return The Control Over Human Life Data To The Patients And Accelerate Biomedical Research - November 20, 2017
- Storiqa Makes Cryptocurrency Closer To The World – Usual E-shop With A Few Peculiarities For Unusual Currency - November 17, 2017
- American Express Cuts Deal with Ripplenet – Giving Visibility and Speed to Global Commercial Payments - November 16, 2017
- CapLinked Named One of 20 Most Promising Collaboration Technology Providers By CIO - November 16, 2017
- Global Blockchain Technologies Corp. Announces $20M Fund to Invest in Steem SMTs - November 16, 2017
- Augmate Announces First IoT Device Management Platform Using Distributed Ledgers - November 16, 2017
- BitDegree Teams up with Zcoin to Develop Cryptography Course - November 16, 2017
- With Backing from the Biggest Poker Names, CoinPoker Launches Pre-ICO - November 15, 2017
- Jeff Garzik – Metronome GitHub is now public - November 14, 2017
- Livestreaming Pioneer YouNow Doubles Down on Decentralization with Storj Labs Partnership - November 14, 2017
- OriginTrail – Winner of Walmart 2017 Food Safety Innovation Award Announces Presale - November 14, 2017
- Revain Announces Release Of The First Test Version Of The Platform - November 13, 2017
- PikcioChain Receives Huge Pre-ICO Boost by Winning a Place on BNP Paribas’ Fintech Accelerator - November 13, 2017
- Fluree PBC Launches FlureeDB — Scalable, Blockchain Cloud Database - November 13, 2017
- CoinTracking – The Personal Portfolio Monitoring Tool and Tax Tracker for Digital Currencies - November 13, 2017
- OTC Exchange Network Announces that DMALINK has Joined their Early Adopter Program OTC Exchange Network Announces that DMALINK has Joined their Early Adopter Program - November 13, 2017
- Leondrino Exchange, Issuer of Digital Branded Currencies, Announces Its Own Digital Currency XLEOLeondrino Exchange, Issuer of Digital Branded Currencies, Announces Its Own Digital Currency XLEO - November 13, 2017
- Blockchain Executive and Cryptocurrency Investor David Drake joins eSport and Gaming platform Play2Live Advisory Board - November 13, 2017
- UHUB.IO Seeks to Bring Their Decentralized E-commerce Platform to Life - November 13, 2017
- Eidoo Hits 100,000 Downloads As Cryptocurrency Customers Seek A Simpler Way To Store And Use Their Assets - November 13, 2017
- Ethereum Goes to Hollywood – Award-Winning Crypto Film Project Premieres in Hollywood - November 13, 2017
- Santa Claus Is Moving To Blockchain! Bye, Bye Chimney! - November 13, 2017
- Safinus Platform Wants to Unite Investors and Traders in One Place - November 13, 2017
- Exscudo Uses Multisignature Technology To Protect User Accounts - November 13, 2017
- Lykke To Support ERC20 Tokens In Latest Lykke Wallet Release - November 13, 2017
- Can Blockchain Revolutionise The Third Sector? Introducing The World’s First Recycling Intiative - November 13, 2017
- JBOX Announces Initial Coin Offering for Blockchain-Powered Decentralized Video Platform - November 13, 2017
- Perkins Coie Selected as a Founding Steward in Self-Sovereign Identity Network - November 13, 2017
- Waves Claims it Will Become the Fastest Blockchain Platform in the World - November 13, 2017
- Binary.com Announces ICO - November 13, 2017
- Finova Financial Announces The JOBS Crypto Offering (JCO): A Path To A Regulated Public Securities Offering for Non-Accredited Investors Using Cryptocurrency - November 13, 2017
- Dash Transactions Now 215 Times Cheaper Than Bitcoin After New Network Upgrade - November 13, 2017
- Tech Bureau’s mijin Opens Applications for Powerful New Enterprise Blockchain - November 13, 2017
- Human Discovery Platform Launches Token Sale to Build the Largest Storage of Human Behavior Powered by Blockchain - November 13, 2017
- CarFix Will Repair Your Vehicle For A Fraction Of The Price, With Help From The Ethereum Blockchain - November 13, 2017
- Neufund, Receives 10M Euro In Funding To Create ‘Equity Token’ - November 13, 2017
- Beenest Begins Decentralized Future For Short-term Housing Rentals - November 13, 2017
- CanYa Wants to Eliminate Crypto Volatility within Online Gig Economy Marketplace - November 13, 2017
- Allianz Pioneers Blockchain Prototype for the Captive Insurance Market - November 13, 2017
- Third Generation Cryptocurrency SkyCoin Aims to Shake up the Market - November 7, 2017
- DAO PlayMarket 2.0 – a New Era of Mobile Applications - November 7, 2017
- The International Scientific and Practical Association Jus Naturale – The first NGO with Blockchain-Based Membership - November 7, 2017