Australia to Implement Blockchain for Land Registry

The Australian state of New South Wales (NSW) is going to implement a blockchain-based land registry system by summer 2019. The system will be based on consensus proof-of-concept (PoC).

The NSW Land Registry Services will manage both public and private land, defining the legal ownership. According to government’s directive, in the new financial year every property transaction across NSW state will have to be stored digitally. It is considered as a step towards eliminating the need for paper-based Certificates of Title.

This September the NSW government has already implemented a distributed ledger system for digital driver’s licenses. Moreover, Australian government is to continue its experiments to test the blockchain technology in various use cases.

Blockchain-based systems implemented in land registry are already providing substantial benefits. The technology is much more effective than paper-based methods, it increases transparency and secure data storing, brings a more complete and comprehensive view of land rights, restrictions, and responsibilities.

Earlier, Netherlands, Sweden and Republic of Georgia integrated blockchain-based solutions into national real estate systems.

The blockchain technology continues gaining ground among governments, which reflects its potential, benefits and trustability. Whether you consider the opportunities of blockchain for establishing a new breakthrough business or level-upping an existing one it’s a great tool to create an amazing project! You may find out about your idea realization feasibility by asking us.