A public-private effort in Sweden to record land titles on a blockchain is set to begin public testing this March.
Spearheaded by the Swedish National Land Survey and blockchain startup ChromaWay, the project was revealed in June to have support from consulting firm Kairos Future and telephone service provider Telia. Now, the project is moving ahead with the addition of two banks that specialize in mortgages, Landshypotek and SBAB, CoinDesk has learned.
ChromaWay CEO Henrik Hjelte said that the sandbox release would seek to test the platform from a business, legal and security perspective, while allowing the public to test the interface and back-end.
"The system will not be connected to live data in March yet, but it will demonstrate what it would look like if it were to be populated with real data and integrated into the different actors' services," Hjelte told CoinDesk.
He added that, at that point, more users from differing backgrounds are expected to join the effort, stating:
The goal, he said, is to then open source the project at a later date.
When launched, the project could be the first working example of an idea that has long captured the public's imagination.
Before launch, however, Hjelte said there's more work to be done.
Of note is that he said there are differences between SBAB and Landshypotek's systems that now need to be translated to a common blockchain system.
For the trial, the blockchain will be based on ChromaWay's technology, which participants had previously said will provide transparency and privacy to the shared registry.
"We are looking to mend those pain points in the sandbox application that will be released in March," he continued.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.