The business sector

Future homebuyers in the block chain

The project was primarily a live test of a blockchain solution for real estate transactions. It started as a fully digital real estate transfer of a Gotland property. 

Eventually, it could help to save at least five billion per year to Swedish home buyers and sellers as well as to mortgage customers. In addition to further developing the technology, the project has worked intensively to clarify the legal framework and the so-called governance issues. It was regarded as a pioneer in real estate blockchains, and the project was run as a value creating network using ecosystem.

Partners:

Lantmäteriet, SBAB, Landshypotek Bank, Telia, ChromaWay, Evry, Skatteverket, Svensk Fastighetsförmedling and Kairos Future.

Funding:

50% funded by Vinnova

Aim/Vision:

A first successful live test of a blockchain solution for real estate transactions.

"It’s such a great thing to be working with innovation! No one can say that what you are doing is wrong."

Urban trends & Innovations - selected learnings:

"It’s such a great thing to be working with innovation! No one can say that what you are doing is wrong. Because there is no right or wrong in innovation. That's at the heart of it! Some people are afraid to make the wrong investments during an innovation process. But even if your ambition must be to implement you can always count in other earnings than money and time. It is the learnings that’s essential!

For example, everyone at Lantmäteriet, as well as in state administration in general, achieved a deeper understanding of what Blockchain really is. This lesson learned is as important as the result – in this case that the first real estate transfer was carried out completely digitally.”

Mats Snäll, Lantmäteriet.

Influential trends:

Tech trend: Block chain
Societal trend: Transparency, Network ecosystem

Associated sustainability goals:

This blockchain solution for home buyers can be connected to SDG no. 9 - sustainable industry, innovation and infrastructure. According to the UN, technological progress is key to finding sustainable solutions for economical and environmental challenges as well as to creating new markets and jobs.

References:

Interview with Mats Snäll, Chief Innovation Officer, Lantmäteriet.