Sweden Allows Blockchain-Based Real Estate Transactions

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According to the Wall Street Journal, Sweden’s land-ownership authority (Lantmäteriet) will perform their first property transaction on the Blockchain. The technology has been tested by the Swedish government for two years and they are finally ready to launch.

The Lantmäteriet is currently looking for volunteers to participate in transactions of real estate assets on their Blockchain platform.

Since July 2017, the Swedish national land registry is registered on a decentralized ledger made by  the Swedish Blockchain company ChromaWay’s private Blockchain network.

The Wall Street Journal states that, the Lantmäteriet is already a “highly digitized and paperless” system, the timespan from signing a contract to registering a sale can take from 3 to 6 months. On a Blockchain-enabled platform, “it could be hours,”  says Jörgen Modin, Chromaway’s chief solutions architect , to the Journal.

The goal is that eventually all the property transactions and the national land registry of Sweden be entirely digitalized on the Blockchain.

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