Smart Contracts Jrgen Modin The two building blocks of smart - PowerPoint PPT Presentation

Smart Contracts Jörgen Modin

The two building blocks of smart contracts Digital signatures • The blockchain •

What does the blockchain do? One timestamp, and one context for each signature • You can detect if someone is promising the same things, or conflicting things to • multiple persons You can establish consensus about the order of signatures •

Swedish Land Registry & Blockchain project Real Estate Create a digital process of a property transaction with an immutable history: Increase auditability/reduce fraud • Fast transaction speed • Less manual work • Allows private information that can be retrospectively revealed/proven • Prevent corruption •

The problem with real estate “The reason that we are Title Department Examiner looking at this particular Receives Order Researches Property technology is that it’s very secure at the same time as it Commitment For Escrow Team Title Contract is Escrow Department supports processes in several Title Insurance Is Coordinates Company Receipted Opens Order Issued different ways and provides Transaction transparency. Being able to assign pending title deed is Start Finish Closing & Mortgage Company Document Closing Contract Funding Gives Instructions to Preparation also something of value for all Scheduled Title Company parties. Everyone will benefit from this.” Mortgage Loan Credit History is Loan Submitted Buyer is Company Application Researched For Approval Approved (Mats Snäll, Head of Development of Real Estate Title Department Registration, at the Swedish Receives Order Land Registry)

Decentralized real estate (Lantmäteriet) Seller Real Estate Agent Buyer Buyer’s Bank Land Registry Time reduced from months to hours Large reduction of fraud

Jörgen Modin Technical Project Lead Swedish Land registry & Blockchain project jorgen.modin@chromaway.com jeorgen