The UK’s HM Land Registry is exploring how blockchain technology could be used to provide quicker and simpler services.
It is partnering with software company Methods, who will utilise R3’s Corda platform for the second phase of HM Land Registry’s research and development project, Digital Street. Methods will be backed up by R3, Blockchain Digital and their wider partner network.
Digital Street will work with the industry to understand how the use of technology, such as blockchain, distributed ledgers and smart contracts, could revolutionise the land registration and property buy-sell process.
Turning potential into reality
Graham Farrant, Chief Executive of HM Land Registry, says: “Our ambition to become the world’s leading land registry for speed, ease of use and an open approach to data requires us 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.”
David Rutter, CEO of R3, comments: “We are pleased to see another innovative deployment of Corda in the public sector and look forward to working with the world’s most well-recognised land registry. Blockchain holds the potential to transform land registry services by improving speed, simplicity and efficiency. We will be working closely with HM Land Registry, Methods and our partners over the coming months to turn this potential into reality.”
John Reynolds, Blockchain Digital’s Innovation & Delivery Director, comments: “Digital Street and blockchain has the potential to synchronise and optimise the way all participants in the property market interact, from solicitors to banks, from surveyors to estate agents. Over the coming months, and in support of HM Land Registry’s commitment to open data and open innovation, we will be announcing a programme of innovation and collaboration events that enable the property ecosystem to join the Digital Street community.”