EC is conducting a pilot with several financial institutions; drafting system rules; and has even produced a draft brochure giving an overview how things will work.
Have a squiz at their brochure
And if you are keen have a look at the System Rules on the Land Exchange website
It is interesting to see the first draft of the Representation Agreements that clients will need to sign with their Lawyer/Conveyancer/Subscriber as a prerequisite to enable the Lawyer to transact the Transfer on behalf of the client. There is also a "Remote Identification Certificate" for interstate and overseas clients.
Another interesting area is the security for the system for Users talks about "PKI Certificates must be stored on a hard token specifically designed to store digital certificates"
It sounds like the security for users will be a combination of a hardware device (token) and software security (User Name and Password) which I imagine will be pretty damn hard to hack.
As Wikipedia explains it is Two-factor authentication that requires two independent ways to establish identity and privileges. This contrasts with traditional password authentication, which requires only one factor (knowledge of a password) in order to gain access to a system.
Great Stuff
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