Several countries in Europe, including Poland and Georgia, have already taken steps towards making practical use of blockchain technology in order to bring security and transparency to land registration.
Buying and selling homes is said to be one of the most stressful life experiences, worse than finding a job, planning a wedding or even having a child.
But blockchain, the technology behind cryptocurrencies, could streamline the process.
Land registration is a topic that most people, unless they work in the real estate sector, or unless they are involved in a real estate transaction themselves, have probably never heard of. But the role of land registration in the real estate market cannot be understated.
Blockchain technology is already being used by European states. Take Sweden, which began testing blockchain technology’s uses on the country’s land registry to address numerous security issues in 2016.
Since then, the Swedish government and other European countries have made great strides in incorporating blockchain technology into their land registration system. According to an estimation from one of the Swedish government’s project partners, utilizing blockchain technology within the government’s land registry system will save the government 106 million US dollars annually as it will help eliminate paperwork, reduce fraudulent activities, and speed up transactions.
So far in Europe Sweden is the most advanced country regarding the integration of blockchain with its current land registry system, which could serve as a blueprint for other countries within Europe to enhance their land registration systems through blockchain technology.