Sweden tests blockchain technology for land registry
Sweden is conducting tests to put the country's land registry system on blockchain, the underlying technology supporting the digital currency bitcoin, the Swedish Land Registry said on Thursday.
The Scandinavian country is working on the project with Swedish blockchain company ChromaWay, consulting firm Kairos Future, and telecommunications service provider Telia, the registry said in a statement.
Together, they have come up with a framework or the so-called "proof of concept" through a white paper and technical demonstration of how the Swedish land registry would work on blockchain.
The blockchain technology works by creating permanent, public "ledgers" of all transactions that could potentially replace complicated systems such as clearing and settlement with one simple database.
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