Sweden is testing blockchain technology for land registration

Rage Review : Sweden will test putting the land registration system on the blockchain. The blockchain can permanently and publicly retain all real estate transaction records, replacing the previous cumbersome single database clearing and settlement system. Kairos Future Retail and Finance Director Magnus Kempe said the project is expected to go online this fall. The blockchain land registration system allows all parties involved in the transaction, including banks, governments, middlemen, buyers and sellers, to track the progress of the transaction until the transaction is completed, ensuring the security of the transaction and the ownership of the land. Sweden's move allows all parties to benefit from it and can resolve land disputes.

Translation: Nicole

Sweden is testing putting its land registry system on blockchain, the technology that underpins the bitcoin digital currency, the country’s land registry office said on Thursday.

Scandinavia is working with Swedish blockchain company Scandinavian country, consultancy Kairos Future and telecom services provider Telia to develop the project.

At the same time, they proposed an architecture or "proof of concept mechanism" in the white paper, using technology to demonstrate how the Swedish Land Registry will use blockchain.

Blockchain can create a permanent public "ledger" to record all transactions, which can replace the cumbersome clearing and settlement system with only one database.

Magnus Kempe

Magnus Kempe, head of retail and finance at Kairos Future, told Reuters in an interview on Thursday:

“In the first phase of the blockchain technology, we have tested the blockchain technology in the bank, and now we are in the second phase of the project, which will test it in a more comprehensive environment.”

Kempe is expected to be online this fall.

Once a buyer and seller reach a deal and sign a contract, Kempe said, records of the real estate transaction are recorded on the blockchain, allowing all parties involved in the transaction — banks, governments, middlemen, buyers and sellers — to track the progress of the transaction until it is closed.

Currently, in Sweden, it takes several months to complete a real estate transaction, from reaching a deal to signing a contract.

Mats Snall, head of property register development at the Swedish Land Registry, said:

“Digital documents for property transfers and advanced technology allow all parties involved in real estate transactions to achieve the most secure transactions possible.”

He added:

"Being able to divide up the land ownership is beneficial to all parties and everyone can benefit from it."