{"id":2228,"date":"2017-03-30T22:30:26","date_gmt":"2017-03-30T22:30:26","guid":{"rendered":"https:\/\/blog.holytransaction.com\/?p=2228"},"modified":"2020-11-09T05:50:53","modified_gmt":"2020-11-09T03:50:53","slug":"bitcoin-sweden-regulation","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2017\/03\/bitcoin-sweden-regulation.html","title":{"rendered":"Bitcoin Sweden regulation: the blockchain to record property deals"},"content":{"rendered":"<p>A new project for <strong>Bitcoin Sweden<\/strong> <strong>regulation<\/strong> has moved to its second phase. In fact, the Sweden&#8217;s land registry authority, the so- called\u00a0<strong>Lantm\u00e4teriet<\/strong>, wants to use the distributed ledger tech with the main goal of recording property deals.<\/p>\n<p>This project was conducted by the blockchain startup called ChromaWay and the consultancy group Kairos Future, that are also working in partnership\u00a0with two banks: SBAB and Landshypotek.<\/p>\n<p>Talking about the project&#8217;s potential,\u00a0ChromaWay CEO Henrik Hjelte commented:<\/p>\n<p>\u201cIt could be a great benefit for economic growth&#8221;.<\/p>\n<p>Also, he said that Sweden is the ideal country to test a distributed ledger system for land titles, because trust in public authorities is higher than elsewhere and it could influence other countries to do the same in the next future.<\/p>\n<p>Thanks to this system, a buyer and seller would open a contract where banks and the land registry can view the workflow of the deal, such as due dates for payments.<\/p>\n<p><em>\u201cIn the blockchain confirmation of each step in the workflow is made with a hash, like the blockchain normally.\u00a0<\/em>Everyone has the same information and you can check it yourself,&#8221;\u00a0said Magnus Kempe of Kairos Future.<\/p>\n<p>Another use case for this project is the potential verification of an IOU issued by the bank to its property buyer.<\/p>\n<p>\u201cThat part is going to be hidden for the others in the contract. You will only have the hash confirming from the bank that the IOU has been signed,\u201d commented Kempe.<\/p>\n<p>That said, SBAB Bank explaind it has no imminent plans to implement the blockchain:<\/p>\n<blockquote><p>&#8220;Our reason to participate in the project has not been to actually implement the solution in our current processes. But rather an opportunity for us to get a better understanding of the blockchain technology and how it might possibly fit in our future products\/offerings.&#8221;<\/p><\/blockquote>\n<h2>Bitcoin Sweden regulation: what is the EU doing?<\/h2>\n<h2><\/h2>\n<p>Recently, the EU passed a directive that puts more weight behind digital signatures; <a href=\"https:\/\/holytransaction.com\/blog\/2017\/03\/arizona-blockchain-regulation.html\">a similar bill has been proposed in Arizona\u00a0<\/a>too.<\/p>\n<p><a href=\"https:\/\/holytransaction.com\/blog\/?s=eu+regulation&amp;submit=Search\">Click here to read more about EU regulation related to bitcoin and blockchain.<\/a><\/p>\n<p>A the moment, this land registry project is\u00a0looking at new ways for working at this issue.<\/p>\n<blockquote><p>\u201cActually, the land registry today, they don\u2019t receive much physical paper, they get PDFs of the contracts which are signed electronically so they don\u2019t store the physical contracts. What we are thinking of is, you can actually sign the contract digitally in the blockchain to the land registry, they can award the land titles and then you can throw away the paper so you\u2019re not dependent on the physical archive.&#8221;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>According to ChromaWay\u2019s Henrik Hjelte, the use of blockchain could be disruprive in order to manage ownership of property and improving transparency in real estate sales.<\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>A new project for Bitcoin Sweden regulation has moved to its second phase. In fact, the Sweden&#8217;s land registry authority, the so- called\u00a0Lantm\u00e4teriet, wants to use the distributed ledger tech with the main goal of recording property deals. This project was conducted by the blockchain startup called ChromaWay and the consultancy group Kairos Future, that [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":2234,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76,101,468,542],"tags":[1269],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Sweden regulation: the blockchain to record property deals -<\/title>\n<meta name=\"description\" content=\"A new Bitcoin Sweden regulation project has been made within the country in order to regulate the blockhain to register land properties. 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