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Swedish land registry LantmÀteriet is soon going to conduct their first Blockchain property sale with volunteers after two years of testing.
Swedenâs land-ownership authority, the LantmĂ€teriet, is soon expected to conduct their first Blockchain technology property transaction after two years of testing, the Wall Street Journal (WSJ) reported Wendesday, Mar. 7.
LantmĂ€teriet is currently shortlisting volunteers to participate in buying and selling property on its own Blockchain-based platform. Mats SnĂ€ll, LantmĂ€terietâs chief digital officer, told the WSJ that âfrom the technology point of view, we are quite ready.â
LantmĂ€teriet first started testing Blockchain technology in 2016, completing their second stage of trials in March 2017. By July 2017, the Swedish land registry was using Blockchain to register land and properties on the Swedish Blockchain startup ChromaWayâs private Blockchain network, albeit on a âsmall scale,â according to SnĂ€ll.
Besides ChromaWay, the LantmÀteriet has partnered with with telecom company Telia Co. AB and consulting firm Kairos Future for the Blockchain real estate development project, the WSJ reports.
Even though according to the WSJ the LantmĂ€teriet already functions in a âhighly digitized and paperlessâ system, the time from signing a contract to registering a sale can take between three to six months.
With the Blockchain system, âit could be hours,â Jörgen Modin, chief solutions architect at ChromaWay, tells the WSJ. Modin added that the buyer and seller donât even have to be located in the country for the deal to go through.
The WSJ reports that there are still obstacles to overcome in Sweden before Blockchain can be adopted on a wide scale for real estate dealings, namely that digital signatures for registering or purchasing properties are currently illegal under Swedish law.
In September of last year, the US Nasdaq and Swedish bank SEB began testing a Blockchain-based trading platform for mutual funds.
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