By A department found within the local government of the New South Wales region in Australia is looking to implement blockchain technology in their efforts to place all property transactions into the realm of digital.
The state itself has ordered that all property transactions be digitized by from July 2019 and the NSW Land Registry Services, who are the operators of land titling & registry operations within the state are launching their own proof-of-concept (PoC) trial in order to determine whether blockchain technology is indeed the way forward.
The agency is partnering up with a Swedish-based company known as ChromaWay to handle the technical aspects of this trial and they will also be using their blockchain platform to conduct the PoC and completion is expected by early 2019.
In New South Wales, all land transactions are currently recorded manually & are written into public registers but once the process of digitization is complete, this will no longer be how it takes place & thus paper contracts will be null and not valid.
If this trial PoC succeeds it could mean that all conveyancing data in NSW could end up on a new register built upon ChromaWay’s open-source technology but a shift of this magnitude to the Land Registry Services would, of course, first require the necessary regulatory approvals.
ChromaWay argued that the potential for blockchain to replace paper trails are the way forward as with blockchain systems information remains “secure and immutable, while also being accessible and searchable.”
ChromaWay continued:
“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.”
This is not the only use of blockchain that NSW is looking at. Last month, the department also announced a digitization program for drivers licenses holders in the region which they are expecting to roll out in 2019 and blockchain would underpin this initiative by securing data in a distributed fashion.
ChromaWay itself is also involved in a number of other noteworthy projects and has previously provided the tech & know-how to Sweden’s land registry in a similar trial back in June.
The many uses of blockchain technology are starting to see the light in many governmental sectors around the world. -Great move by New South Wales in Australia. Should all government departments around the world eventually adopt blockchain technology? Let us know your thoughts.
Follow CoinBeat on Facebook, Twitter & Telegram
Subscribe to our CoinBeat Newsletter
Submit an article to CoinBeat
View live Marketcap Prices here
Comments