UK Land Registry to explore the benefits of blockchain
HM Land Registry is partnering with software company Methods, who will utilise R3’s blockchain platform, Corda, for the second phase of HM Land Registry’s groundbreaking research and development project, Digital Street.
Methods will be supported by a team of global experts from R3, Blockchain Digital, and their wider partner network. The organisations will bring their blockchain expertise to HM Land Registry, enabling Digital Street to fully explore the potential benefits of the new technology.
Digital Street will work with the industry to understand how the innovative use of technology, such as blockchain, distributed ledgers and smart contracts, could revolutionise the land registration and property buy-sell process.
Graham Farrant, Chief Executive of HM Land Registry, said: “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.”
Peter Rowlins, Chief Executive Officer of Methods, commented: “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.”
David Rutter, Chief Executive Officer of R3, commented: “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, HM 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, commented: “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 eco-system to join the Digital Street Community.”