Sweden plans to introduce a new system of registration and accounting of real estate ownership rights

June 21, 2016

Sweden plans to introduce a new system of registration and accounting of real estate ownership rights

Local Cadastral office began cooperation with a number of private companies — Kairos Future (consulting), Telia (telecommunications), Chromaway (blockchain startup).

Now all project participants are developing prototype of digital solutions that will allow to minimize risks of mistakes and errors in manual data entry.

The head of the cadastral survey of Sweden Mats Snell is confident that the new technology can provide the highest level of security for real estate transactions. Representatives of Karios Future, dealing with the coordination of the project, believe that the practical significance of the blockchain-technologies may "exceed the highest expectation."

Funding for the preparation of the blockchain system of accounting and registration of property rights is realized not only by the Cadastral service, but as well by large Landshypotek Bank. Perhaps this initiative will attract new financial institutions and experts.

Based on the materials of forklog.com

Photocredit Depositphotos.com