Oct 8, 2018 at 08:07
Oct 8, 2018 at 08:07 UTC
UK’s HM Land Registry To Leverage Blockchain Technology
HM Land Registry is all set to partner with software company Methods, that will use R3’s blockchain platform, Corda, for the second period of HM Land Registry’s notable research as well as the development project, Digital Street.
Methods will be upheld by a group of global experts from R3, Blockchain Digital, and their partner network. The associations will convey their blockchain ability to HM Land Registry, empowering Digital Street to explore the potential advantages of the new technology completely.
Digital Street is expected to work with the industry to see how the creative utilisation of the technology like blockchain, smart contracts and distributed ledgers could change the land registration as well as property buy-sell process.
Chief Executive of HM Land Registry, Graham Farrant remarked:
“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.”
The Chief Executive Officer of Methods, Peter Rowlins remarked:
“When we read the HM Land Registry requirement, we recognised that the unique features offered by Corda regarding security, privacy, interoperability and the smart contract flow framework, originally designed for financial services, would be an excellent fit.”
The Chief Executive Officer of R3, David Rutter remarked:
“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.”
The Blockchain Digital’s Innovation & Delivery Director, John Reynolds commented:
“Digital Street and blockchain have 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.”