The New South Wales government looks set to trial the emerging potential of blockchain ledger technology in order to make property conveyancing cheaper, more reliable and secure.
The NSW Land Registry Services has partnered with Stockholm-based blockchain specialists ChromaWay, who gained notoriety for pioneering a platform for the Swedish land registry, streamlining the countries land ownership records.
Blockchains are shared, tamperproof, peer-to-peer digital ledgers that enable a single, global version of transaction truth.
A verified transaction can involve digital currency, contracts, records, or other information, making it perfect for land registration.
According to ChromaWay, by using blockchain to underpin land registry, the state entity gains benefits in terms of maintaining the integrity and quality of its registry by facilitating transactions, providing smart contracts, and recording data.
“Blockchain and distributed ledger systems are being implemented in land jurisdictions overseas where they are already delivering significant benefits,” New South Wales Land Registry Services chief executive Adam Bennett said.
“NSW Land Registry Services is therefore working with ChromaWay to investigate and test selected use cases that might be relevant to our market.”
Through the use of blockchain, ChromaWay says the data the registry holds will remain secure and immutable, while also being accessible and searchable.
“The goal of the project is to provide hands-on experience with developing blockchain solutions and to let NSW Land Registry Services evaluate potential cyber security, efficiency increases, and service improvements,” ChromaWay strategic advisor Nicholas Delaveris said.
“At the same time, through the project, the Land Registry Services will gain a deeper understanding in how this emerging technology can contribute to the smoother functioning of local and national property markets.”
The blockchain-based proof of concept is due to be completed early next year with any changes to NSW Land Registry Services core systems requiring approval by the office of the Registrar General.
If approved, a government mandating Land Registry transition to eConveyancing will take place by July 2019.