Many companies and governments are quickly turning to blockchain technology to increase security and boost efficiency of their operations. The Land Registry in Netherlands has announced that it will start testing blockchain technology for storing and processing national real estate data.
The pilot program
According to Koen Huisstede, an architect at the Land Registry, the institution will launch a fact-finding mission to determine how best the new technology can be used in the property industry. He added that the institution will use blockchain technology in its systems for the next one to three years on a pilot program.
The main responsibilities of the Land Registry is to oversee mortgage rights, property ownership as well as all third-party data that is related to the country’s property market. During the pilot project, the institution will explore the legal, technical and governance aspects of using blockchain technology. The main objective of the project is to make the organization more flexible and efficient.
Apart from blockchain technology, the registry will also be exploring the use of Artificial Intelligence in its operations.
The application of blockchain technology
There has been a significant rise in the use of blockchain technology and its applications. One area that has capitalized this new technology is cryptocurrency. With this growing trend, blochain technology is no longer a passing trend but rather a technology that many companies and governments around the world are looking up to.
Government institutions and other stakeholders around the world are paying special attention to the new technology mainly because of the sudden and quick raise of cryptocurrencies and other blockchain apps. Although digital currencies are generally decentralized, several steps are being taken by various organizations and stakeholders to have the blockchain industry regulated.
Several countries around the world are adopting crytocurencies using their own set of regulations. Some of the top countries that are accepting and adapting to blockchain and cryptocurrencies are the United States, Japan and Canada. Countries like China, Vietnam and Bangladesh have banned Cryptocurrencies and Blockchain Technology.
Netherlands is generally friendly to blockchain. The ministry of Economic Affairs and Climate Policy recently launched a national blockchain research agenda. The ministry has established a special unit that will be tasked with researching the potential and future of the new technology in the countries. The areas that will be researched will range from the ethical issues that come with its applications, its impact on the economy and the legal issues that arise from its use.
The Netherlands was one of the European Union member states that ratified a declaration to establish a European Blochchain Partnership. The bloc will be tasked with fostering cooperation in the implementation of blockchain technology throughout the European Union. The implementation will be done across the Digital Single Market.
In addition, in February, the European Union launched the EU Blockchain Observatory and Forum another high-profile EU blockchain initiative. In creating the EU Blockchain Observatory and Forum, the European Union wants to create one of the most comprehensive repositories of blockchain expertise and experience.