The Swedish Land Registry, ChromaWay and Kairos Future have investigated the possibilities with the blockchain technology for real estate transactions. The Proof of concept is now launched with a white paper and a technical demo showing the solution and the benefits for society.Some of the world’s largest banks, central banks, governments, universities, and IT-companies are now working with the blockchain as a future technology. The blockchain will likely become a key infrastructure in the emerging digital world replacing today’s paper documents and handwritten signatures. 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. 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. View the online technical demo: http://chromaway.com/landregistry/
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.
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.
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.
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.
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.
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.