“From the technology point of view, we are quite ready,” said Mats
Snäll, Lantmäteriet’s chief digital officer, as reported by the Journal.
The agency is looking for volunteers who want to pioneer the
practice of buying or selling property using the blockchain-based platform in
the next few months.
Snäll added that the current delay from the signing of a purchase
contract to the registration of the sale can be as long as three to six months.
This seems surprising, since Sweden is a developed country and an early adopter
of digital technology for administration. But even in Sweden, real estate sales
and registration are still mostly based on manual paperwork, which represents a
bottleneck. It seems likely that only a full deployment of digital automation,
which can be enabled by blockchain technology and smart contracts, could
significantly speed up the process.
In fact, the process would be much faster with the new
“It could be hours,” added
Jörgen Modin, chief solutions architect at ChromaWay, per the Journal, noting that a deal could be “signed
and registered even when the buyer or seller isn’t physically present in the
The Lantmäteriet has been testing ways to record property
transactions on a blockchain since
June 2016. “This could save the Swedish taxpayer over €100 million ($106
million) a year by eliminating paperwork, reducing fraud, and speeding up
transactions,” according to an estimate by Kairos Future, as reported by Quartz
in 2017. The blockchain experiment concluded its second phase of testing, which
included the creation of blockchain-based smart contracts to automate
transactions, in March 2017.
“[We at] ChromaWay are pioneers of blockchain technology,” said ChromaWay
co-founder Henrik Hjelte, according to a quote on the company’s website. “We develop solutions with a proven track
record, delivering things that many even did not think were possible. The
technology for property transactions we’ve built is a great platform for the
“I’m fully convinced that blockchain [technology] will be the
obvious solution for property transactions in the future,” said Magnus Kempe,
senior consultant and director of retail and finance at Kairos Future, per
ChromaWay’s website. “It’s really fun to see our work inspire projects around
In fact, governments and agencies in other countries such as the
U.S., India and the Republic of Georgia also are experimenting with blockchain
technology for land registries, as reported by the Journal.
“In the U.S., local governments looking into blockchain technology include the
Cook County Recorder of Deeds in Chicago” and the City of South Burlington. In
the Republic of Georgia, the National Agency of Public Registry has stored one
million land titles on a blockchain.
In India, the state of Andhra Pradesh is building a
blockchain-based solution to record property deals.
“Andhra Pradesh has become the first state in India to adopt
blockchain [technology] for governance,” Forbes reported, adding
that the state has piloted two key projects: managing land records and
streamlining vehicle registrations. “Swedish blockchain startup, ChromaWay, has
also partnered with the state to provide land registry solutions, leveraging
lessons from projects abroad including those with Lantmäteriet, Sweden’s land
registry authority, and Kairos Future, a consulting firm.”
It’s worth noting that Indian Prime Minister Narendra Modi recently
stated that blockchain and Internet of Things technologies will have a
deep impact on the way "we live and work" and require "rapid
adaptation" of the workplace.