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

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

Real Estate

The problem with real estate

Title Department Receives Order Examiner Researches Property Escrow Department Opens Order Escrow Team Coordinates Transaction Document Preparation Mortgage Company Gives Instructions to Title Company Credit History is Researched Loan Submitted For Approval Mortgage Company Loan Application Start Contract Finish Closing & Funding Title Company Contract is Receipted Closing Scheduled Buyer is Approved Title Department Receives Order Commitment For Title Insurance Is Issued

“The reason that we are looking at this particular technology is that it’s very secure at the same time as it supports processes in several different ways and provides

• transparency. Being able to

assign pending title deed is also something of value for all

• parties. Everyone will benefit

from this.” (Mats Snäll, Head of Development of Real Estate Registration, at the Swedish 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