On May 31st, The Netherlands’ Land Registry (Kadaster) gave a huge thumbs up for blockchains, as reported by the Dutch tech news portal “Computable”. The Kadaster is going on board with the implementation of blockchain technology and Artificial Intelligence (AI) in the national real estate market.
The Netherlands has a 200-year tradition of being up-to-date with the latest technological developments. Another part of this long history is keeping a reliable and accurate Land Registry system. So far, this core system has continuously been improving since the 19th century, and the improvement trend is still predominant.
The benefits of using blockchains for the Kadaster
Land Registry architect Koen Huisstede explained that the agency was trying to understand and adapt the practical application (legal, technical and managerial) of blockchain’s distributed platform on the Dutch property structure.
Furthermore, Huisstede pointed out that they are looking towards Kataster Blockchain solutions to create a more “flexible and agile organization and processes.” The agency’s primary task is to provide fast, reliable, and accurate data. Often this data is related to property, mortgage, and all other external information from parties associated with the real estate industry. Koen Huisstede predicts that their first functional blockchain platform can be launched within three years.
In addition to fintech solutions, the Dutch Land Registry also turned to the incorporation of AI with the goal of setting up “cognitive systems to make predictable models” to see how blockchains and AI can operate in the national property scope. Holland’s Ministry of Economic Affairs and Climate Policy initiated a national blockchain research project with a special unit in charge of recognizing possible application of ledger technology in the Netherlands.
The initiative is part of the Dutch Government’s program “Blockchain Pilots.” This program is being conducted in cooperation with the United Nations Office for Project Services (UNOPS). The goals are to perform thorough research on the legal potential of blockchain technology and the technology’s economic impact. The entire program includes thirteen pilot projects whose research results will be published in September during an event held in New York, probably in the UN headquarters.
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Source: Crypto News