The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
26
print
Print
OtherTed TabetTue 16 Oct 18

NSW Trials Blockchain for Conveyancing

22b7d5df-d968-4978-ad70-b0c94d03d324

The New South Wales government looks set to trial the emerging potential of blockchain ledger technology in order to make property conveyancing cheaper, more reliable and secure.

The NSW Land Registry Services has partnered with Stockholm-based blockchain specialists ChromaWay, who gained notoriety for pioneering a platform for the Swedish land registry, streamlining the countries land ownership records.

Blockchains are shared, tamperproof, peer-to-peer digital ledgers that enable a single, global version of transaction truth.

A verified transaction can involve digital currency, contracts, records, or other information, making it perfect for land registration.

According to ChromaWay, by using blockchain to underpin land registry, the state entity gains benefits in terms of maintaining the integrity and quality of its registry by facilitating transactions, providing smart contracts, and recording data.

Related: Blockchain Powered Eco-Towers the Next in High Rise Development

“Blockchain and distributed ledger systems are being implemented in land jurisdictions overseas where they are already delivering significant benefits,” New South Wales Land Registry Services chief executive Adam Bennett said.

“NSW Land Registry Services is therefore working with ChromaWay to investigate and test selected use cases that might be relevant to our market.”

Through the use of blockchain, ChromaWay says the data the registry holds will remain secure and immutable, while also being accessible and searchable.

“The goal of the project is to provide hands-on experience with developing blockchain solutions and to let NSW Land Registry Services evaluate potential cyber security, efficiency increases, and service improvements,” ChromaWay strategic advisor Nicholas Delaveris said.

“At the same time, through the project, the Land Registry Services will gain a deeper understanding in how this emerging technology can contribute to the smoother functioning of local and national property markets.”

The blockchain-based proof of concept is due to be completed early next year with any changes to NSW Land Registry Services core systems requiring approval by the office of the Registrar General.

If approved, a government mandating Land Registry transition to eConveyancing will take place by July 2019.

OtherOfficeAustraliado not useTechnologyOther
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
Healthscope Hospital EDM
Exclusive

‘Once-in-a-Decade’ Opportunities Rise in Wake of Healthscope Collapse

Clare Burnett
7 Min
Exclusive

Parking Upsize Threatens Fatal Blow to Project Feasibility

Phil Bartsch
6 Min
One New Zealand Stadium BESIX Watpac
Exclusive

Rising to a Challenge: How BESIX Watpac Topped Australia’s Builders

Clare Burnett
7 Min
Exclusive

Rewards Outstrip Risk in SE Queensland Off-The-Plan Buys

Taryn Paris
7 Min
View All >
Sponsored

Fast Funds, Real Help—Woodbridge Capital Delivers Both

Partner Content
Sydney Fish Market Blackwattle EDM
Planning

Sydney Fish Market Rezoning Clears Way for 320 Homes

Clare Burnett
Development

Melbourne Luna Park Revival Wins State Backing

Marisa Wikramanayake
The Victorian government has provided funding in the state budget to restore Luna Park’s unsafe, century-old Palace Buil…
LATEST
Finance

Fast Funds, Real Help—Woodbridge Capital Delivers Both

Partner Content
5 Min
Sydney Fish Market Blackwattle EDM
Planning

Sydney Fish Market Rezoning Clears Way for 320 Homes

Clare Burnett
2 Min
Development

Melbourne Luna Park Revival Wins State Backing

Marisa Wikramanayake
2 Min
Bankstown cbd in Sydney NSW EDM
Exclusive

Breaking Delivery Crisis Chokehold on NSW’s Biggest Housing Market

Vanessa Croll
7 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/nsw-trials-blockchain-for-conveyancing