As reported by ZDNet on October 15., Australia’s New South Wales government is ready to have a proof-of-concept (PoC) for a blockchain-establish land registry system by summer 2019.
The innovative PoC is scheduled to be finalized by the NSW Land Registry Services –with Stockholm-based blockchain startup ChromaWay participation – by begging of 2019. The NSW state administration stated that the registry transference to the blockchain-based eConveyancing system should be completed by July.
According to the report, the NSW Land Registry System sustains the system that describes the legal ownership of both private and public land through the state. Beginning with the new financial year, all NSW property businesses will be needed, under the government’s directive, to be collected digitally, reducing the need for paper-associated Certificates of Title, ZDNet notes.
Adam Bennett, Land Registry Services CEO, stated in an interview; “blockchain… systems[that] are being implemented in land jurisdictions overseas,” where, he told “they are already delivering significant benefits.” He furtherly noted that NSW would be working on a series of “targeted experiments” due to test “selected use cases” for the technology.
Strategic Advisor of ChormaWay, Nicholas Delaveris stated ZDNet that a blockchain structure offers “an incontrovertible chain of ownership” which cannot only be more useful than paper-orientated approaches but offer “a more complete and comprehensive view of land rights, restrictions, and responsibilities” by rising transparency and avoiding data copying.
According to ZDNet, the NSW authority has also applied a distributed ledger system for digital driver’s licenses – launched this September.
As reported early this year, the Netherlands’ Land Registry is also thinking to combine a blockchain solution into its structure for domestic real estate information “within one to three years.”
Back in March, the Lantmäteriet, Sweden’s land ownership authority, stated it was composed to conduct its first blockchain-orientated deal after two years of piloting, with using ChromaWay’s private blockchain to register properties and land since last year, June 2017.
Author: Berna Bayindir
Photo Credit: ShutterStock