Sweden has been working intensively for two years on a blockchain solution for the digitization of real estate transactions. This is intended to make the land registry office Lantmäteriet fit for the future and to curb both transaction costs and frauds, which are likely to be in the region of millions at the higher costs that are typical for real estate. Savings of about 100 million a year were forecast, which would have to be seen.
Private companies take over technological leadership for Blockchain implementation
A consortium of companies from the digital industry should help to lift this project. The telecommunications giant Telia, as well as smaller companies such as Kairos Future (consulting services) and blockchain expert ChromaWay are to build a blockchain-based platform for the transfer of real estate and land.
Significant time and cost savings through blockchain
The Swedish Land Registry, called Lantmäteriet is now looking for after 2 years of implementation time for volunteers who want to try the new technology. The advantages for the testers are obvious, instead of months to wait for the entry in the land register, which is also the case in Germany, the blockchain could reduce the time to a few hours. In addition, such transactions can also be executed if a party is not in the country. This is currently only very complicated by a notarized power of attorney which in turn costs time and money.
Other countries are trying to use Blockchain as well
Other countries, such as the USA, India, China and Georgia are experimenting with so-called “smart contracts” for their state agencies. Especially in countries where the legal certainty is not so high, the blockchain could provide significantly more security as well as significant cost and time savings. However, Sweden is one of the technological pioneers, which is also reflected in the fact that the Swedes are experimenting with their own digital currency.