New South Wales Land Registry Services aka NSW LRS is about to introduce a blockchain powered system to make property conveyancing electronic. The government is turning towards the emerging distributed ledger technology so as to make this process cheaper, secure and reliable. The existing system does offer these features but the organizations are looking forward to the novel upgraded methods which can offer even better services to their customers.
NSW LRS has begun working on the proof of concept with Stockholm-based ChromaWay which has presented open source consortium database technology since 2014. The POC is predicted to be completed by early next year, since the government has already mandated Land Registry transition to eConveyancing by July 1, 2019. These full digitized property transactions will enable the customers to make perform property related tasks with ease.
Land Registry Services CEO Adam Bennett stated that rapid and comprehensive technologies are changing the approach of traditional land deal registration process and business operations across the world. NSW LRS is adopting this new technology by carrying out a series of target based experiments with globally-recognized technology companies of this domain. (Via CIO)
In the initial stage, distributed ledger systems and blockchain technology are integrated in the land jurisdictions to deliver noteworthy benefits. NSW LRS will begin working with ChromaWay to scrutinize and test selected cases that are relevant to the market. As per the state government directive, the new financial year will begin with all mainstream property transactions electronically in NSW while all paper-based Certificates of Title will be canceled thereafter.
Australian Registry Investments
New South Wales Land Registry Services is owned by a consortium led by Hastings Funds Management. Australian Registry Investments is the operator of New South Wales Land Registry Services, which has the responsibility to uphold a system of land ownership for the state. The title of land registry identifies the legal ownership of the area along with the boundaries of land parcels according to ZD Net.
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