The New South Wales government is to trial the blockchain to make property conveyancing cheaper and more efficient.
Making Conveyancing Electronic
The NSW Land Registry is undertaking a proof of concept (PoC) with ChromaWay, a Stockholm-based blockchain company, reports ZDNet.
According to the report, the PoC is expected to be completed in the early part of 2019. The transition to eConveyancing is expected to be finalized by July 1, 2019.
Adam Bennett, CEO of Land Registry Services, said that technology is impacting “traditional approaches to land dealings registration and general business operations around the globe.” As a result, the NSW Land Registry is conducting experiments to see how it can embrace the blockchain.
Bennet added:
Blockchain and distributed ledger systems are being implemented in land jurisdictions overseas where they are already delivering significant benefits. […] NSW Land Registry Services is therefore working with ChromaWay to investigate and test selected use cases that might be relevant to our market.
The aim is to ensure that the data held is maintained and immutable. This is achieved through the blockchain, which delivers the transparency needed. In a statement, ChromaWay said:
It will provide an incontrovertible chain of ownership. Furthermore, 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.
Earlier this month, the U.K.’s Land Registry announced that it was exploring the technology. It is partnering with software company Methods who will use R3’s blockchain platform Corda. Through the second phase of the land registry’s research, it will enable its project, Digital Street, to fully explore the benefits of the blockchain.
In May, the United Nations Development Programme revealed that it was turning to the technology to make land registry more efficient in India.
Delivering Transparency
This is just one example where the technology will provide great benefits.
Other areas can be seen in voting, poverty and social issues, and art to name a few examples. In these instances delivering transparency is important to ensuring that goals are being met or the ownership of something is no longer in question.
In the case of land registry, it will deliver the peace of mind that many need. This is particularly the case in countries where fraud may take place and proving land ownership is difficult.
How do you think Australia will benefit from the technology? Let us know in the comments below.
Images courtesy of Shutterstock