lswcap
Australia’s New South Wales government is expected to end its proof of concept for a land registration system based on block-chain technology by next summer.
The new proof of concept will be jointly run with Stockholm-based block chain start-up ChromaWay, which plans to complete the land registration service by early 2019. The land registration service is obligated to migrate electronic real estate transfer system to block chain based system until July.
The new land registration service has a system that defines the legal ownership of all common and private land. At the beginning of the new fiscal year, all real estate transactions must be stored digitally, not as paper certificates. ChromaWay emphasizes that block-chain systems are more efficient than paper-based methods in that they increase transparency and prevent data replication. It will also provide ownership that allows a more complete and comprehensive picture of the rights restrictions or responsibilities of the land. In September, the NSW government introduced a distributed ledger system to its digital driver’s license.
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