ChromaWay and the Swedish Land Registry test smart contracts for real estate sales

By June 16, 2016Bitcoin Business

iStock The coloured coins technology innovator ChromaWay has built a smart contracts application to massively streamline Sweden’s paper-based and time consuming processing of real estate transactions.

The Swedish Land Registry, telco incumbent Telia and Kairos Future are also part of the blockchain-based real estate transactions proof of concept. A white paper and a technical demo showing the solution and the benefits for society have also been released.

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ChromaWay and Estonia’s LHV Bank created an award-winning Euro-based national payment solution based on coloured coins. But this latest project represents a new direction for the technology team.

Henrik Hjelte CEO ChromaWay told IBTimes : "For this project we are not using the coloured coins technology. We have a new solution for smart contracts and we can make it independent of the underlying blockchain – it could be based on a public blockchain, like Bitcoin or Ethereum, or a private blockchain.

"W hat we are doing is modelling the workflow of selling a house. The buyers, sellers, land registry, real estate agents: they all see the same information. Only the parties involved can see the information, and need to see it."

A digital identity system is administered by Telia, and digital signatures are used to verify all the steps in selling a house. This is normally a time-consuming, repetitive business which involves two main processes.

The first part which completes the signing of the contract via the bank and real estate agent can take a couple of week; the next process involves the Land Registry and the bill of sale. "It’s around three months between these two main events," said Magnus Kempe director retail and finance at Kairos Future.The first process involves an up-front payment from the bank, and the signed contract being sent back and forth by regular mail, and the […]

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