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Her Majesty's Land Registry, a non-ministerial department of the UK government, has announced that it is exploring blockchain technology for faster and simpler services.
HM Land Registry has partnered with software firm Methods, which will utilize R3’s Corda for the second phase of Digital Street. Methods will be supported by a team of global experts from R3, Blockchain Digital, and their wider partner network.
Digital Street is HM Land Registry’s research and development project that aims to make buying and selling property simpler, quicker and cheaper through the innovative use of technology. The project is currently in its second year and is exploring the use of blockchain technology and smart contracts to enhance the transparency, speed, and trust of property transactions.
“Our ambition to become the world’s leading land registry for speed, ease of use and an open approach to data requires HM Land Registry to be at the forefront of global innovation in land registration. By working with Methods on Digital Street we are taking another step toward that goal, as we explore how new technologies like blockchain can help us to develop a faster, simpler and cheaper land registration process,” Graham Farrant, Chief Executive of HM Land Registry, said.
According to the official announcement, Digital Street has already created a digital register for a small selection of properties, which marks the first step towards creating a register that is fully machine-readable and able to be updated instantly.
“When we read the HM Land Registry requirement, we recognised that the unique features offered by Corda in terms of security, privacy, interoperability and the smart contract flow framework, originally designed for financial services, would be an excellent fit,” Peter Rowlins, Chief Executive Officer of Methods, said.
