- The New South Wales government has partnered with a blockchain startup to create a platform for land registration
- All land registration processes will be digitalized from 2019
- The lead of the NSW Land Registry stated that they were influenced by the U.K’s use of blockchain in land registration
Blockchain is quickly becoming very popular in the use of Land Registry. In the U.K, HM Land Registry has begun using blockchain to manage the registration of public land. And it now seems Australia is getting in on the action because the government of the Australian state of New South Wales (NSW) will be completing a Proof of concept for a blockchain land registry by next summer.
The project will be completed as a collaboration between the NSW Land Registry Services and a Stockholm-based blockchain startup ChromaWa.
Following official mandate by the New South Wales government, the public land registry will move to eConveyancing, a blockchain-powered system.
Clear cut case for blockchain
The job of the NSW Land Registry Services is rather straightforward- it maintains the records for the ownership of private and public lands and property.
From 2019, the government has ordered that the records for land ownership will be stored digitally. This is to create ease of retrieval, ease of storage and more security compared to the current paper-based system.
One of the reasons for this move is the influence of other countries such as the U.K making use of blockchain for land registry.
When asked about what motivated the switch, Land Registry Services CEO Adam Bennett made reference to “blockchain systems that are being implemented in land jurisdictions overseas,” which, he says, are already producing significant benefits for the countries.
More ‘targeted experiments’ on the way
This will not be the government of New South Wales’ last foray into blockchain technology as Bennett has stated that there will be “targeted experiments” to explore further use of blockchain.
When ChromaWay’s AP strategic advisor Nicholas Delaveris was interviewed about the new development, he stated that blockchain would provide “an incontrovertible chain of ownership,” as well as “a more complete and comprehensive view of land rights, restrictions, and responsibilities”
This is also not the first incidence of the use of blockchain in New South Wales as blockchain was integrated into the drivers’ license process earlier this year.
It cannot be overemphasized how important the use of blockchain by powerful governments is foradoption on the global scale.
The U.K making use of the technology has influenced Australia, which will, in turn, influence other parts of the world.