New South Wales Registry To Test Land Conveyancing on Blockchain
New South Wales’ land registry manager in Australia has partnered with a blockchain technology firm with the aim of applying distributed ledger technology to property conveyancing. They are testing Land Conveyancing on Blockchain.
As per the Financial Review, a proof of concept on a chosen number of use cases will be conducted by the New South Wales Land Registry Services and blockchain tech firm Chromaway using the latter’s open source technology in recording data, facilitating transactions as well as offering smart contracts.
Chromaway has been offering its open source blockchain technology for over four years now. One of its many clients include the Swedish land registry for whom it has done similar work. The proof of concept is expected to be completed early in 2019.
Adam Bennett, the CEO of NSW Land Registry Services said: “Blockchain and distributed ledger systems are being implemented in land jurisdictions overseas where they are already delivering significant benefits,” “NSW LRS is therefore working with ChromaWay to investigate and test selected use cases that might be relevant to our market.”