UK’s HM Land Registry Explores Benefits Of Blockchainbr>
Her Majesty’s Land Registry, a non-ministerial department of the UK government, has partnered with software company Methods to explore how blockchain technology could be used to provide quicker and simpler services.
HM Land Registry’s partnership with Method is part of the second phase of Digital Street, the department’s research and development project designed to make buying and selling property simpler, quicker and cheaper through the innovative use of technology.
The department will be working with Methods, who will utilize R3’s Corda blockchain, to understand how the innovative use of blockchain technology could revolutionize the land registration and property buy-sell process. Methods will be supported by a team of global experts from R3, Blockchain Digital, and their wider partner network.
Graham Farrant, Chief Executive of HM Land Registry, said that their 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,” said Farrant.
According to Land Registry, Methods was selected following a tender process which attracted 22 bids to support the Digital Street project team and develop greater in-house expertise. The objective is to bring greater transparency, speed, and trust to property transactions using blockchain technology and smart contracts.
“When we read the HM Land Registry requirement, we recognized 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.
David Rutter, Chief Executive Officer of R3, said that 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,” Rutter said.