New South Wales to research blockchain eConveyancing
Another document-rich environment is about to get the blockchain treatment as Australia’s most populous state puts its property conveyancing on to the distributed ledger.
The government of New South Wales has announced its Land Registry Services department will be carrying out a proof of concept, co-managed with ChromaWay the Stockholm-based provider of decentralised blockchain apps.
NSW’s Land Registry Services – as per a state government directive – aims to make the transition to eConveyancing by 1 July 2019 and cancel all paper-based Certificates of Title production.
Conveyancing is a paperwork-heavy process of contract law that establishes the transfer of legal title of property from one party to another.
The process requires many different searches to be carried out, including local government searches to reveal any charges or restrictions on property use, checking title register, water authority searches and environmental checks.
Collating such information on a blockchain ledger – it is assumed – would help streamline the process by eliminating paper documents, thereby saving costs and storage space.
ChromaWay was founded in 2014 and works with public and private sector clients to build real estate and finance platforms. It uses smart contracts on the blockchain for land registration.
The company announced last week that it was working with the Indian state of Andhra Pradesh on a similar land registry pilot to monitor the ownership of property.
Adam Bennett, NSW Land Registry Services chief executive, said in a statement: “Blockchain and distributed ledger systems are being implemented in land jurisdictions overseas where they are already delivering significant benefits.”
“NSW Land Registry Services is therefore working with ChromaWay to investigate and test selected use cases that might be relevant to our market.”