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A Pioneer in Real Estate Blockchain Emerges in Europe

In the Republic of Georgia, the National Agency of Public Registry has been storing real estate titles, triggered by a new sale or purchase or a mortgage registration, on a blockchain structure for the past year. So far 1 million land titles have been ...

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A Pioneer in Real Estate Blockchain Emerges in Europe //id:"+t+"; typeof obj: "+typeof i))}function w(){var r,u,n,t;if(e.length&&!i){do for(r=e,u=r.length,e=[],i=1,t=0;t1);i=0}else i&&(i=2)}function ut(i,r){for(var s,v,h,u=[],c=r?r.length:0,e=0;e .storyimage.smallfullwidth .image,.storyimage.smallfullwidth img{background:#000;margin:0 auto}#toast-container{display:none}iframe.instagram-media{position:relative !important}.mobile .galleryinfo .img-divider{display:none} #main .one-col, #main .two-col, #main .three-col{margin-right:-.016rem;margin-left:-.016rem}.homepage.midlevel .pagingsection>,.channelplayerpage.midlevel .pagingsection>{display:none} Home News Weather Entertainment Sports Money More > Lifestyle Health & Fitness Food & Drink Travel Autos Video news You are using an older browser versionPlease use a supported version for the best MSN experience. A Pioneer in Real Estate Blockchain Emerges in Europe The Wall Street Journal. 2 days ago Shefali Anand The blockchain technology that underpins cryptocurrencies such as bitcoin could change the way property deals are done and recorded more than any other new technology, real-estate and technology experts say.And Sweden’s nearly 400-year-old land mapping and registration authority is likely to become one of the first government agencies to test using blockchain technology for conducting property sales.The Lantmäteriet expects to conduct the first such transaction in the next few months and is shortlisting volunteers who want to buy or sell a property using the blockchain system“From the technology point of view, we are quite ready,” said Mats Snäll, Lantmäteriet’s chief digital officer.Proponents of blockchain say the technology would make recording and transferring titles faster and much more efficientTransactions that today take months to complete could take days or even hours, they say.Blockchain technology also is practically bulletproof when it comes to fraudulent transactions, experts sayIn a blockchain data structure, transactions are created and shared among a network of computersThere is a unique digital record of every transaction, which is grouped into a “block.” Any changes or additions to the block would need to be verified by a majority of other participants on the network, making it difficult to alter information stored on the block.Just as cybercurrencies use the blockchain to record who owns a particular coin, or when ownership is transferred, the technology could be used to record who owns a particular property, experts sayMany governments still use paper records for recording title, a cumbersome process that is vulnerable to fraudLike many other new technologies, blockchain has the potential to be enormously disruptiveFor example, title-insurance companies in the U.Sare concerned that it would reduce the need for title insurance, threatening that multibillion-dollar businessTitle-insurance companies essentially guarantee property owners that their ownership claim to a property is solidIf it isn’t the insurers cover the loss. © Mikael Sjoberg/Bloomberg News To be sure, there remain hurdles to the full-scale adoption of blockchain to conduct real estate deals in SwedenFor one thing, Swedish law doesn’t accept digital signatures to register a property sale or purchase, so the law would need to changeGovernments and agencies in other countries such as the U.S., India and the Republic of Georgia also have been experimenting with blockchain land registriesTech giants such as International Business Machines Corpand startups like blockchain technology-developer R3 CEV also have tested the use of the technology for recording titles.In Sweden, the Lantmäteriet has joined with companies such as telecoms firm Telia CoAB, consulting firm Kairos Future, and blockchain technology company ChromaWay AB, to create a structure for conducting real estate deals on the blockchain.The Lantmäteriet is already highly digitized and paperlessStill, it can take three to six months from the signing of a purchase contract to the registration of the saleWith the blockchain, the processes would be much faster, MrSnäll said.“It could be hours,” said Jörgen Modin, chief solutions architect at ChromaWayHe noted that this system would allow a deal to be signed and registered even when the buyer or seller isn’t physically present in the country.In the blockchain system, a digital contract would be created on the blockchain, to be signed by all parties using digital signaturesThe buyer’s bank could issue the loan based on this contract, and grant the loan faster, according to an official report on the Lantmäteriet projectThe digital contract would be accepted for registering the title.In the U.S., local governments looking into blockchain technology include the Cook County Recorder of Deeds in ChicagoIn 2016, it initiated a project to test, for example, how digital property abstracts could be created using the blockchainThe city of South Burlington, Vt., recently embarked on a similar project.In India, the Andhra Pradesh state has tied up with ChromaWay to build a blockchain-based solution to record property deals, according to ChromaWay.In the Republic of Georgia, the National Agency of Public Registry has been storing real estate titles, triggered by a new sale or purchase or a mortgage registration, on a blockchain structure for the past yearSo far 1 million land titles have been saved, each with a unique hash code, according to the agency’s chairmanThe agency’s next target is to get “smart contracts,” which would enable real-estate transactions to go through digitally“It gives us the possibility to offer the service to citizens while being abroad,” said Papuna Ugrekhelidze, chairman of the Republic of Georgia’s registration agency.The country recently adopted a law to accept digital signatures, and is working on other regulations related to blockchain technology, he said Write to Shefali Anand at Go to MSN Home More in News Trump agrees to meet with North Korean leader Kim Jong Un The Washington Post Parkland deputy heard shots inside school, told cops to stay away Miami Herald U.S., SKorea look into reports of Kim's health woes FOX News Stormy Daniels Lawsuit Opens Door to Further Trouble for Trump The New York Times Analysis: What's There to Talk About With North Korea? The Atlantic Dash says ‘not here to judge’ neo-Nazis in 1st interview as candidate New York Daily News Up Next Anxiety over Stormy Daniels pervasive inside the White House CNN //> 1); } } else { // if we got here, we didn't find anything but scriptTry again later. setTimeout(checkAndSetAdContainerVisibilityRec, contentCheckTimeout); } } } function checkVisibilityAndUpdateRenderDataContextForElement(renderData) { if (!renderData) { return; } evaluateAdContent(renderData); } function evaluateAdContent(renderData) { var adContainer = renderData && renderData.elem; if (!adContainer) { renderData.adSizeType = AdSizeType.Inconclusive; } var adIframeCollection = adContainer.getElementsByTagName("iframe"); var evaluationResult; for (var adIframe, ndx = 0; (adIframe = adIframeCollection[ndx]); ++ndx) { // skip script-only iFrame elements var body = ((adIframe.contentDocument || (adIframe.contentWindow || {}).document) || {}).body; if (!body || !body.hasChildNodes()) { continue; } var childNode, hasChildDiv = false; for (var index = body.childNodes.length - 1; (childNode = body.childNodes[index]); --index) { if (childNode.nodeType === 1 && childNode.nodeName !== "SCRIPT") { hasChildDiv = true; renderData.adSizeType = evaluateElement(childNode, renderData); if (renderData.adSizeType === AdSizeType.NonPointSizedAd) { return; } } // Bug 1715559:[dl_ux][FF9.0] [Win7] - Advertisement is overlapping destination section // For FF lower versions (FF9.0), index may be negative and hence cause js errors // Add index value check to solve the problem if (index discernibleAdWidthThreshold && maxHeight > discernibleAdHeightThreshold) { return AdSizeType.NonPointSizedAd; } if (maxWidth > 0 && maxHeight > 0) { return AdSizeType.PointSizedAd; } return AdSizeType.Inconclusive; } function evaluateElementDimension(element, isWidth, threshold) { var dimensionProperties = isWidth ? 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