Second stage of Blockchain land registration process completed.
In February 2017, KryptoMoney.com reported that Sweden is testing a platform where the registration of land/plot will be executed using Blockchain Technology.
In recent reports, it has been learned that Sweden has successfully concluded registration of land/plot on Blockchain technology. The country’s authority for registration of land ownership has collaborated with banks and other institutions for implementing the registration of land/plot using blockchain technology.
How is Blockchain helping?
Kryptomoney.com tried to understand as how blockchain technology is helping out Sweden in land registration and what is the scope of it. Here is solution which we at kryptomoney.com think might be and is not the actual solution. Actual facts may be different .
At present, when a transaction takes place for sale/purchase of land, generally following are the parties involved.
– and some times bank.
The above parties except for central authority mutually creates a contract for execution. Next step is that these parties get the contract registered and enforceable by law. Now when the parties have entered into contract binding the law, they go to central authority for the registration.
If blockchain is used, these 3-4 steps may be reduced to 1 or 2. Apart from the exisiting entities, insurance agents, notaries and registrars, advocates, will also be introduced in the system in order to make the transaction more secure and lawfully acceptable in terms of land registration.
So Sweden may begin it’s registration of land on blockchain technology once it is done with the testing out it in terms of legal, financial, technological and security purposes.