The Swedish National Land Survey ( Lantmäteriet ) recently announced that it is conducting trials of a system that uses blockchain technology for land registration. The project, if successful, could have a major a impact on how land deals are conducted.
The Lantmäteriet , in partnership with Swedish blockchain company ChromaWay ‚ consulting firm Kairos Future and telecommunications company Telia , developed the proof-of-concept of the technology that demonstrates how blockchain technology and smart contracts can make land registration more secure by minimizing the risk associated with manual handling and transferring of land documents or contracts.
According to a blog post, the proof-of-concept was developed using Telia’s identity verification technology on top of a new smart contract system developed by ChromaWay compatible with both public and private blockchain. Kairos Future, in turn, managed the process and coordinated an accompanying report, while the sponsorship and feedback for the project was provided by the Lantmäteriet.
Speaking to Bitcoin Magazine , ChormaWay CEO Henrik Hjelte said that by employing digital signatures and doing away with the need for a centralized database to store and maintain land records, smart contracts and blockchain technology can reduce the time it takes it to conduct land deals, at the same time making it more secure.
“By using digital signatures in all steps in the process of selling a house we can bring down the total time of doing a deal from several months, say 3 months on average, to less than a day or a few days “ Hjelte said. “The use of digital signature will reduce the time even for a centralized database, but a database can easily be subjected to ‘update’ attacks where history is changed. Blockchain and our smart contracts add a chain of evidence that comes from a history that cannot be changed. There are multiple […]
