Her Majesty’s Land Registry announced on their website a partnership with Methods company aimed at using Corda, an R3 blockchain platform. Corda will allow HMLR to advance their R&D project, Digital Street, to the second phase.
The main goal of Digital Street is to explore the advantages of blockchain and smart contracts to enhance the process of land registration and property buy and sell.
The CEO of HM Land Registry, Graham Farrant, said that Digital Street will help them realize their ambition “to become the world’s leading land registry for speed, ease of use and an open approach” and “to be at the forefront of global innovation in land registration”.
It is expected that Digital Street and blockchain will synchronize and optimize the way all participants in the property market interact, from solicitors to banks, from surveyors to estate agents.
Graham Farrant explains the 5-year Business Strategy to become the world's leading Land Registry:
Her Majesty's Land Registry was created in 1862 and covers England and Wales. The Land Register is owned by the Crown and sets out the ownership of land and property in England and Wales.
The Land Registry safeguards land and property ownership worth more than £4 trillion, including more than £1 trillion mortgages. The Land Register contains more than 24 million titles with evidence of ownership covering more than 84% of the land mass.
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