Bitcoin Global News (BGN)

October 17, 2018 -- ADVFN Crypto NewsWire -- New South Wales in Australia has been working on a plan to transfer how the traditional, paper-based real estate process works to a digital system. The government responsible for land titles, transactions and records is partnering with ChromaWay to make this happen with a blockchain based platform.

Their Land Registry Services has even set a date to achieve the transition by of July 1, 2019. In line with this goal, they are launching a proof-of-concept (PoC) to assess if a blockchain network will be their best option. Considering the other governments working on this same process, it’s likely that New South Wales will have an entirely new land registry process by July next year.

The New South Wales government is also looking to use blockchain to bring a driver licenses to a more digital format. This project is expected to roll out in 2019 as well.

ChromaWay

Citing the successful trials happening in Swedish government's, New South Wales chose ChromaWay. The company is based out of Sweden and began assisting local governments in their country earlier this year.

"It will provide a more complete and comprehensive view of land rights, restrictions, and responsibilities, which will streamline decision-making for government and land sector actors, provide increased information transparency, and reduce data duplication."

Successful transactions via smart contracts have already been completed in Sweden. The acceptability of smart contract that facilitate these real estate transactions was confirmed as compliant with European Union laws and regulations and the GDPR privacy rules. The UK just began a similar project in the real estate industry as well.

A digital register reduces some of the paperwork in the system, makes the system live and could create a fully machine-readable version. With blockchain technology, cryptographic signatures and smart contracts will further reduce paperwork to streamline the process of buying selling and registering property.

Digital Street In The UK

The land registry for England and Wales has been in operation since 1862 to maintain data on land use and ownership. The organization began developing Digital Street last year with the goal to be at the forefront of novel technology applications for real estate.

By: BGN Editorial Staff