The Swedish government agency Lantmäteriet initiated a project last year to test the blockchain technology for the documentation of ownership relationships. This project is now in its second phase.
The blockchain startup ChromaWay and the consulting firm Kairos Future are driving the project forward.
The Bitcoin revolution also works in cooperation with two banks: SBAB and Landshypotek
“It could be a big gain for economic growth,” says ChromaWay CEO Henrik Hjelte about the project’s potential to http://www.onlinebetrug.de/bitcoin-revolution-review. Hjetle describes Sweden as an ideal country to test a blockchain system for land titles, as trust in the public authorities is high and can serve as an example for other Bitcoin revolution projects.
The planned system will enable the buyer and seller to conclude a contract that will allow the banks and the land registry to monitor the progress of the deal.
“The confirmation of the individual work steps on the basis of the blockchain is done by hash, as is otherwise the case with the blockchain,” says Magnus Kempe of Cairo Future and adds “Everyone receives the same information and can check it independently.
Another example is the verification of the existence of a borrower’s note issued by the bank to the real estate buyer.
SBAB Bank states that it has no concrete plans to implement the Bitcoin revolution technology at this time:
“This part should remain hidden from the other persons in the contract. Kempe’s statement to onlinebetrug is that “it will only be confirmed by the bank on the basis of the Bitcoin revolution that such a promissory note has been signed”.
The second phase of the project involves investigating the integration of processes between technology and banks in the verification of contracts. The companies state that ChromaWay’s Platform does not accept any payment transactions via the system and that these are carried out separately.
“Our reasons for participating in the project do not include implementing this solution in our processes. However, it gives us the opportunity to better understand the blockchain technology and possibly use it for our services and products in the future”.