Sweden is working on a project with ChromaWay, a Swedish blockchain company, Kairos Future consulting firm, and telecommunications service provider Telia. Together, they have come up with a framework or the so-called “proof of concept” through a white paper and technical demonstration of how the Swedish land registry would work on blockchain. The blockchain technology works by creating permanent, public “ledgers” of all transactions that could potentially replace complicated systems such as clearing and settlement with one simple database.
Magnus Kempe, director of retail and finance at Kairos Future said “in the first phase of the technology, we have tested the process with some banks” Kempe believes the project could go live in the fall this year. The project’s plan is to put real estate transactions on blockchain once the buyer and seller agree on a deal and a contract is made. From there all the parties involved in the transactions — the banks, the government, brokers, buyers, and sellers — are able to track the progress of the deal once it is completed.Currently, it takes months to complete a real estate deal in Sweden from the time the parties agree until the contract is completed.
Mats Snäll, head of development of real estate registration at the Swedish Land Registry states “digital documentation of property transfers and good technology will enable the confirmation for all parties in a real estate transaction (with) the highest level of security”.