The UK’s HM Land Registry, which contains 25 million land titles, is planning to utilize blockchain technology for future businesses.
The HM Land Registry is world renowned and has currently £4 trillions worth of land on its books, representing 85% of the entire landmass of England and Wales. The Registry was first established in 1842 and now handles £1 trillions worth of mortgages in England and Wales. Its motto is “Your land and property rights: guaranteed and protected.”
It appears that the HM Land Registry has decided to embrace the latest emerging technology, taking the historic organization from quill to blockchain after a period of 176 years. It’s now hooking up with the software company Methods, using R3’s Corda blockchain, in order to develop the next phase of its ongoing project, Digital Street.
The project was launched in order to utilize DLT and smart contracts to revolutionize the process of land registration in the company. HM Land Registry chief executive Graham Farrant explained how DLT will affect the process of land recording:
“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.”
Blockchain has already been used in the process of transferring land and property and is seen by many in the real estate industry as a tool which could revolutionize the industry as it offers accurate and immutable verification records for digital files, e.g. documents or transactions. Thus, blockchain creates scenarios in which the element of trust in a secured shared history becomes tantamount, ideal for large transactions such as those found in the sale or registering of real estate.
At the end of last year a $60,000 flat in Kiev, Ukraine, became the world’s first property to be sold using a blockchain, purchased by the founder of tech news site TechCrunch using a real estate startup Propy.
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