The Land Title and Survey Authority of British Columbia (LTSA) and ChromaWay AB (ChromaWay) announce they are working on an initiative to evaluate distributed ledger technology (blockchain) solutions that will make land administration processes more secure and accessible in British Columbia. The blockchain prototype is due to be completed later this year, and will be built using ChromaWay's open source consortium database (Postchain) and smart contract technology (Esplix). ChromaWay's technologies have been deployed in public and private sectors internationally since 2014.

The effort is a follow on to the LTSA's initial project with the Digital ID & Authentication Council of Canada, Identity North and Blockchain@UBC exploring the industry application of digital identification in the context of land title transfers within British Columbia.

Blockchain technology works by using a peer-to-peer computer network to validate transactions using consensus algorithms. A verified transaction can consist of payments, contracts, records, or other information, making it ideal for handling land-related registration. Once a transaction is verified, it can be combined with other transactions to create a new block of data for the distributed ledger. That new block is added to the existing blockchain in a way that is permanent and unalterable.

Using blockchain to underpin land-related registries can deliver significant benefits for maintaining registry integrity and quality. ChromaWay's technology facilitates complex transactions using smart contracts and recorded data in a way that offers a future-proofed approach to lower costs and simplify digital transactions.

QUOTES

Henrik Hjelte, CEO of ChromaWay:

"We are enormously excited to work with the LTSA on this prototype. ChromaWay's blockchain-powered consortium database technology combined with the LTSA's widely-respected land administration and technology expertise will contribute to the development of the next generation of secure, high performing, and sustainable architecture for land registration."

Al-Karim Kara, Vice President, Business Innovation and CIO of the LTSA:

"The blockchain prototype is an excellent opportunity for the LTSA to continue its leadership as a trusted source of property information and land title registration by being at the forefront of developing efficient and secure registry solutions for the benefit of customers and stakeholders."

QUICK FACTS

  • Blockchain technology is being evaluated by trusted registry operators around the world.
  • The LTSA-ChromaWay blockchain prototype will demonstrate how a blockchain register could manage land-related transactions in BC's regulatory and operating environment.

LEARN MORE