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ChromaWay enters next phase of blockchain-based property transactions project
ChromaWay that is working on a Smart Contract Platform, announced that it has reached the next phase of its land registry project that is based on blockchain technology. The company has partnered with Swedish National Land Survey firm Lantmäteriet, SBAB, Landshypotek Bank, Telia and Kairos Future, IBTimes reported.
The contract information by ChromaWay can be saved locally in the cloud by the realtor, the banks, or the land registry and be verified as well as checked with the land registry. This can be done by ‘hashes’, which is a kind of digital 'fingerprint' that can be compared to local version with the blockchain.
“It's a contract engine which is verified in the blockchain which confirms that all signatures, all process steps, all relevant data for the transaction, meaning the transaction date, the amount paid, the real estate identity etc is proper,” Henrik Hjelte CEO of ChromaWay, said, as reported by IBTimes. “The biggest challenges are the legal aspect and the identification solution. The legal aspect in Sweden is that you have to have a physical signature. That is how the law is interpreted today. We can solve that by making the contract physically also by signing a paper and then we can upload it to the blockchain because the Land Registry can now handle electronic files.”
According to a statement, in case a person makes changes to the contract then the fingerprint does not match and the set of information is available only for the actors involved in the property transaction. With normal IT systems there is no way to know if a file has been changed between systems, while blockchain can establish consensus on the workflow and state of a contract between actors.
Hjelte mentioned that the blockchain project is now built and is working in a multi-signage environment; the next stage is integration with the banks and land registry.