The government of New South Wales, state of Australia, has identified the completion of the stage of proof of concept (proof-of-concept) blockchain-based system for registration of property rights to land. To start full operation of the platform should in the summer of 2019.
The blockchain system, known as the eConveyancing, developed jointly with the Stockholm startup ChromaWay. The authorities plan to completely switch on the system by July next year.
The system of registration of property rights to land identifies the owners of private and public lands in the state. According to the publication ZDNet, who published the news, since the beginning of the new fiscal year all information about the purchase and sale of land will be stored digitally, thus obviating the necessity of issuing paper certificates of title.
The head of Land Registry Services is a government contractor, engaged in the development of eConveyancing, Adam Bennett (Adam Bennett) in an interview with ZDNet noted that such a blockchain system in foreign jurisdictions already bring significant benefits. Bennett also said that the system first will pass numerous inspections which will determine the use of technology.
Nicolas Delaveris (Nicholas Delaveris), specialist in strategic consulting in ChromaWay, in turn, added that the blockchain system provides an indisputable property, and not only more effective than paper documentation, but also more transparent and reliable.
A similar system of registration of property rights to land are planning to implement in the Netherlands: it is expected that the platform will work over the next three years. And here in Sweden the system is also designed ChromaWay, has been functional since March. It should be noted that the platform itself was created by a startup in the last year, then the system ChromaWay planned to use the power of one of the Indian States.