With the effective arrangements of smart-contracts; the second phase of the Blockchain-Land-Registry-trial in Sweden has finished up its step two. Lantmäteriet is Sweden’s authority which take care of the ownership of land. They have recently tied-up with Telia, a telecommunications operator, and with 2 other banks with the purpose to implement Blockchain.
According to a research it has been estimated that around $100 million could be saved by the tax payers as a result of above mentioned tie up. The final product is a safe procedure for land exchanges and home loan deeds.
At present it has been decided that the bodies which are most engage in land deals would be a part. This would include land specialist, Lantmäteriet, banks, sellers-buyers, real estate agents etc are required to participate in the process. If required the Blockchain process could be upgraded to include various other performers like insurance companies, legal officials, notaries etc.
Path of Digitization
Before the final launch of the technology there has been regular testing along with uncovering any of the lawful,process or security issues. All through the administrative structures Sweden is now on the path of getting digitized. Its results can be observed in other fields as well.
The country is trying to become the world’s first ever real-cashless-economy. As the objective turned out to be clear enough, back in the year 2015 the New York Times composed that “Not every person is cheering”. They further noted that in Sweden in the past 10 years the number of electronic extortion cases have multiplied.