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Swedish Land Registry Announces Blockchain Testing

Land registration in Sweden looks set for a radical overhaul, if plans announced this week prove successful.

The Swedish National Land Survey, the organization responsible for registering land and property transactions in Sweden, teamed up with blockchain technology startup ChromaWay back in June to devise a blockchain specifically for handling land registry data.

After months of collaboration, they have announced official testing to begin in March, where the infrastructure will begin to hook up with live transactional data for the first time.

The technology will allow the Swedish National Land Survey to record transactional data with improved end-to-end security and accountability, while reducing the administration costs involved.

With the project approaching its final stages, two new contributors have signed up, in the form of two national mortgage banks — SBAB and Landshypotek.

The sandbox testing phase will commence from an as yet unspecified date in March, but project insiders are confident that the project can be brought even closer to completion over the course of 2017.

Henrik Hjelte, ChromaWay’s CEO, said the testing phase would allow users to test the interface and the back end of the system, while helping the collaborators iron out any remaining security and compliance issues ahead of a wider rollout in the near future.

“The system will not be connected to live data in March yet, but it will demonstrate what it would look like if it were to be populated with real data and integrated into the different actors' services,” Hjelte said. “We will invite regulators, governmental agencies and other actors in the space to review the platform and blockchain technology to provide feedback on the project from a legal, business and technical standpoint.”

Beyond the testing phase, ChromaWay has aspirations to open-source the technology, in a move that could prove beneficial to a range of other applications and uses, including international adoption for land registration and across multiple other industries.

Blockchain technology, based on the distributed ledger concept, looks set for a busy year in 2017, as projects like this complete initial testing phases and begin to reach end markets throughout the course of this year.

With the collaboration between the Swedish National Land Survey and ChromaWay already proving successful, time will tell whether the technology lives up to its market-changing potential.