The Swedish National Land Survey (Lantmäteriet) has launched a technical pilot for property transactions on a blockchain in collaboration with SBAB, Landshypotek Bank, Telia Company, ChromaWay and Kairos Future. The test was presented at a World Bank conference in Washington DC.
In June 2016 a demo for property transactions on the blockchain was first revealed and now the project has progressed further to a point when a technical pilot running in a testing environment could be launched.
“Already during 2016 the Swedish Land Registry was active in 15 countries helping to develop and enhance Land Registry capabilities. Month by month we see an increased international interest in blockchain technology in the field. Last week I gave a presentation of the project at the largest conference on property related issues, at the World Bank. It’s exciting and rewarding helping other countries with something that is at the same time futuristic and of great benefit to society,” said Mats Snäll, Head of Development Lantmäteriet.
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The solution offers a completely digital workflow, compared with the current process which is time consuming and complex. According to the developers, it also ensures security for the property owner, mortgage lender, mortgage deed owner and more, which is something that is a challenge in many countries today.
“We develop solutions with a proven track record, delivering things that many did not even think were possible. The technology for property transactions we’ve built is a great platform for the future,” said Henrik Hjelte, CEO of ChromaWay.
Back in November it was reported that the Central Bank of Sweden could adopt a national digital currency as a solution to a sharp decline in the use of physical cash in the country.