Sweden launches leading blockchain solution for land registry
The Swedish Land Registry, ChromaWay and Kairos Future have investigated the possibilities with the blockchain technology for real estate transactions.
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.