Sweden to Use Blockchain Technology for Property TransactionMarch 8, 2018
Blockchain technology is being used everywhere around the world in many different fields. Sweden’s land-ownership authority will use blockchain technology in order to conduct a property transaction. According to the Wall Street Journal, the government has been testing the technology for a period of two years.
Sweden’s Blockchain Property Transaction
The 400-year-old land mapping and registration authority will perform the first Blockchain technology property transaction. This is one of the first governments in the world that is working in this field. Some weeks ago, we have written at UseTheBitcoin, that an African Start-up was working with the Kenyan government to tackle land fraud.
The government agency known as Lantmäteriet started testing the technology in 2016. The second stage of the trials was performed in March 2017. In July 2017, the governmental agency used Blockchain to register land properties on the start-up CrhomaWay’s blockchain. The intention was to test the system on a smaller scale for further implementation.
Other companies have also been working with Lantmäteriet. For example, Telia Co. AB and Kairos Future for the Blockchain.
According to the Wall Street Journal, the agency already works with very few bureaucratic processes. For example, they have a very digitized and paperless system. That allows individuals to sign contracts to register a sale in just a few months (three to six).
But the surprising fact is that using Blockchain technology, the process “could be hours,” said Jörgen Modin, chief solutions architect at ChromaWay. Furthermore, Mr Modin explained that with the new blockchain system the buyer and the seller can be in different countries and the deal would be performed without any problem.
There are some limitations that blockchain suffers in Sweden, though. For example, at the moment, digital signatures for registering or purchasing properties are not legal under Swedish Law. That means that it will take a little bit longer for the technology to spread in the country.
Fortunately, other developments have been made in the blockchain field in Sweden. The Swedish bank SEB is working with Nasdaq in order to test a trading platform for mutual funds.
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