The Swedish land authority, Lantmäteriet, should soon realize its first blockchain real estate transaction after two years of testing, the Wall Street Journal (WSJ) reported on Wednesday (March 7th).

Lantmäteriet is currently shortlisted volunteers to participate in the buying and selling of goods on his own Blockchain platform. Mats Snäll, Digital Manager at Lantmäteriet, told the WSJ that "From a technological point of view, we are quite ready."

Lantmäteriet started testing Blockchain technology in 2016 trial phase in March 2017. In July 2017, the Swedish Land Registry used Blockchain to register land and properties on the Blockchain private network of Swedish start-up Blockchain ChromaWay, but on a [petite échelle] according to Snäll

In addition to ChromaWay, Lantmäteriet is associated with Telia Co. AB, a telecommunications company, and Kairos Future, a consulting firm for the Blockchain real estate development project, reports WSJ

. WSJ the Lantmäteriet already operates in a system "highly digitized and paperless" the time between the signing of a contract and the registration of a sale can take between three and six month. 459003]

With the Blockchain system, "it could be hours", Jörgen Modin, Chief Solution Architect at ChromaWay, tells the WSJ. Modin added that the buyer and the seller do not even need to be located in the country for the agreement to be reached.

The WSJ reports that there are still obstacles to overcome in Sweden before Blockchain can be adopted. large scale for real estate transactions, namely that digital signatures for the registration or purchase of properties are currently illegal under Swedish law.

In September of last year, the Nasdaq and Swedish bank SEB began testing a Blockchain trading platform for mutual funds.