ChromaWay Blockchain For National Land Registries
18 October 2018 - 4:19AM
ADVFN Crypto NewsWire
Bitcoin Global News (BGN)
October 17, 2018 -- ADVFN Crypto NewsWire -- New South Wales in
Australia has been working on a plan to transfer how the
traditional, paper-based real estate process works to a digital
system. The government responsible for land titles, transactions
and records is partnering with ChromaWay to make this happen with a
blockchain based platform.
Their Land Registry Services has even set a date to achieve the
transition by of July 1, 2019. In line with this goal, they are
launching a proof-of-concept (PoC) to assess if a blockchain
network will be their best option. Considering the other
governments working on this same process, it’s likely that New
South Wales will have an entirely new land registry process by July
next year.
The New South Wales government is also looking to use blockchain to
bring a driver licenses to a more digital format. This project is
expected to roll out in 2019 as well.
ChromaWay
Citing the successful trials happening in Swedish government's, New
South Wales chose ChromaWay. The company is based out of Sweden and
began assisting local governments in their country earlier this
year.
"It will provide a more complete and comprehensive view of land
rights, restrictions, and responsibilities, which will streamline
decision-making for government and land sector actors, provide
increased information transparency, and reduce data
duplication."
Successful transactions via smart contracts have already been
completed in Sweden. The acceptability of smart contract that
facilitate these real estate transactions was confirmed as
compliant with European Union laws and regulations and the GDPR
privacy rules. The UK just began a similar project in the real
estate industry as well.
A digital register reduces some of the paperwork in the system,
makes the system live and could create a fully machine-readable
version. With blockchain technology, cryptographic signatures and
smart contracts will further reduce paperwork to streamline the
process of buying selling and registering property.
Digital Street In The UK
The land registry for England and Wales has been in operation since
1862 to maintain data on land use and ownership. The organization
began developing Digital Street last year with the goal to be at
the forefront of novel technology applications for real
estate.
By: BGN Editorial Staff
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