The Swedish government has officially launched a blockchain land title registration project to digitize and make the registration process transparent

The Swedish government is testing a new land title registry system that will use blockchain technology to digitize the property registration process.

The system, a collaboration between the Swedish National Land Survey, blockchain startup ChromaWay, consulting firm Kairos Future and telecom giant Telia, is currently in the proof-of-concept phase, investigating how blockchain technology can reduce the risk of human error and create a more secure file transfer process.

When talking about the entire proof-of-concept process, ChromaWay CEO Henrik Hjelte said that they were responsible for developing a new smart contract system, while Telia was responsible for verifying the identity of the user logging into the system. ChromaWay's new technology is not limited to blockchain platforms and can be compatible with Bitcoin blockchain, Ethereum blockchain and even private networks.

Kairos Future is responsible for the operation and management of the entire project and the production of corresponding research reports, while the Swedish Land Survey is responsible for providing project feedback and funding.

Magnus Kempe, senior advisor at Kairos Future, believes that the biggest benefit of this blockchain system is its high transparency, and that this project will make Sweden a country at the forefront of blockchain technology.

The design of this smart contract system makes the entire registration process visual and transparent. However, some credit documents are usually only viewed by buyers and banks, and this technology can make this process private.

Kempe and Hjeltes said that as the project progresses, more and more companies are becoming involved. Stockholm bank Landshypotek Bank has confirmed that it will provide additional financial support for the project. Many banking and real estate industry experts will also participate as consultants.

There are many projects that use blockchain for property registration, and governments of many countries have long shown interest in this field.

In April, Bitcoin mining technology company BitFury announced a partnership with Georgia’s National Property Registry. Last year, blockchain accounting startup Factom launched a much-anticipated blockchain land titling project in Honduras, but it was ultimately halted due to disagreements with the government.