The Blockchain use case has started receiving wide recognition worldwide. In a recent news story, the New South Wales State of Australia is poised to complete a proof of reading concept (PoC) in order to deploy blockchain led Land Registry system by summer 2019 as reported by the ZDNet on 15th October.
The new PoC will be completed by the NSW Land Registry Services in association with Stockholm based blockchain startup namely ChromaWay by early 2019. With this, the state government of NSW has finally given its approval for the Registry to deploy the blockchain based eConveyancing system by July 2019.
The NSW Land Registry Services executes the entire system such that the legal ownership of both private or public land within the state provided through the blockchain system. From the new financial year, all NSW property transactions will be stored digitally by eliminating the paper-based Certificates of Titles, however, run under the state government’s directive and actions.
Further speaking to the matter, Adam Bennett, Land Registry Services CEO during his interview with ZDNet, elaborated that “blockchain … systems [that] are being implemented in land jurisdictions overseas,” where they are already delivering significant benefits. NSW would be making a series of “targeted experiments” in order to test “selected use cases” for the technology.”
Amid this, Nicholas Delaveris, ChromaWay’s AP strategic advisor elaborated more about the perspective to ZDNet saying that “a blockchain system offers an incontrovertible chain of ownership, which can not only be more efficient than paper-based methods but provide a more complete and comprehensive view of land rights, restrictions, and responsibilities by increasing transparency and preventing data duplication.”
The story is not confined up to here. The NSW government has already deployed a Distributed Ledger System for Digital Driver’s licenses that they introduced in September 2018.
Recently, the Netherlands’ Land Registry is wearing the same shoes that NSW has already. The Land Registry in the Netherland will be incorporating blockchain solutions to apply towards the country’s national real estate data in the years to come.
One more story is the reminiscence of the same perspective. In March 2018, Sweden’s Land Ownership authority namely Lantmateriet said that “it was poised to conduct its first blockchain-based property transaction after two years of testing, having used ChromaWay’s private blockchain to register land and properties since July 2017.”