Property Transactions To Be Transferred To Blockchain In Australia
Australian Registry Investments (ARI), a land registry services company, intends to fully digitize all real estate transactions in the state of New South Wales, Australia, CIO reports.
The Australian operator is working on PoC (Proof-of-Concept) for the electronic registration of all documents related to real estate transactions. The industry transfer to blockchain is expected before July 2019.
The state authorities claimed that all paper documents and contracts in the real estate industry will become invalid as soon as the transfer process to blockchain technology is completed.
ChromaWay, a Swedish company that specializes in blockchain solutions, will become the technical partner of the Australian division of Land Registry Services (business name of ARI). As part of the project, the company will implement and test the PoC algorithm on its blockchain platform. ChromaWay plans to complete the PoC testing by 2019.
In case of successful PoC completion, all data on the real estate rights in the state will be transferred to the blockchain registry, which is based on the ChromaWay open-source code. However, ARI must first obtain permission from the regulator for such operations.
Representatives of the new project believe that the transition to blockchain technology contributes to a more accurate and transparent regulation and responsibility in the real estate sector.
As previously reported, one of the largest banks in Australia has created a platform for testing “smart money” based on the disability insurance system.