Distributed ledgers can be helpful in determining ownership rights, especially in the case of large assets like land. The UK’s HM Land Registry will now work on this unique blockchain use case in partnership with software company Methods. The partners will be utilizing R3’S Corda blockchain to develop the second phase of Digital Street, HM Land Registry’s ambitious project.
Building a Global Land Registry Network
Methods will team up with experts from R3, Blockchain Digital, and several other partners to bring HM Land Registry’s blockchain dream to life. They will contribute to the development of Digital Street to understand how blockchains and smart contracts can be used to disrupt the land registration process. The platform will also revolutionize the property buying and selling process from the ground up.
HM Land Registry chief executive Graham Farrant explained how his organization wants to utilize distributed ledgers. He noted:
“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.”
Partners Speak Up About the Bold Project
HM Land Registry, one of the most renowned land registries in the world, currently safeguards land and property ownership valued at more than four trillion euros and mortgages totaling up to one trillion euros. It contains a total of 25 million land titles, accommodating over 85 percent of the land mass in England and Wales.
Methods CEO Peter Rowlins commented that his company recognized that the features offered by Corda would be a perfect fit for Digital Street. He applauded the privacy, security, and interoperability of the blockchain platform, along with its unique smart contract flow framework.
R3’s CEO, David Rutter, also spoke about the development, suggesting that they are pleased to be working in the public sector.
His sentiments were echoed by Blockchain Digital’s Innovation and Delivery Director John Reynolds, who said that Digital Street has the potential to optimize the way participants interact in the property market. He also said that his organization would be announcing a new series of collaboration and innovation-centric events in support of HM Land Registry’s open data and open innovation initiative. These events will create further opportunities for property market participants to join Digital Street.