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Blockchain and smart contracts are the focus of a successful trial in Sweden which could save the country $100 bln annually.
Sweden’s Blockchain land registry trial has concluded its second stage with the successful deployment of smart contracts.
Lantmäteriet, the country’s authority for land ownership, has partnered with two banks and telecommunications operator Telia on a Blockchain implementation which research suggests could save the taxpayer $106 mln per year in costs.
“The end result is a secure process for real estate transactions and mortgage deeds,” results published last week report.
“The current process is designed to involve Lantmäteriet, real estate agents, buyers, sellers, and banks. These are the parties involved in most real estate transactions in Sweden. The process can be redesigned to involve other actors such as notaries, insurance companies and local public authorities.”
Along with advancing the technological testing, the second phase also served to expose any “legal, process or security problems” and iron these out prior to a full launch occurring.
Sweden is steadily becoming digitized throughout its legislative structures, part of an efficiency drive which is also seeing results elsewhere.
The country, for instance, is on course to become the world’s first truly cashless economy in a move which has seen its fair share of detractors.
“Not everyone is cheering,” the New York Times wrote back in 2015 as the goal became clear.
Electronic fraud cases have doubled in Sweden in the last ten years, the publication notes.
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