HM Land Registry to explore the benefits of blockchain
1 Oct 2018 05:38 PM
HM Land Registry is exploring how blockchain technology could be used to to provide quicker and simpler services.
HM Land Registry is partnering with software company Methods, who will utilise R3’s blockchain platform, Corda, for the second phase of HM Land Registry’s groundbreaking research and development project, Digital Street.
Methods will be supported by a team of global experts from R3, Blockchain Digital, and their wider partner network. The organisations will bring their blockchain expertise to HM Land Registry, enabling Digital Street to fully explore the potential benefits of the new technology.
Digital Street will work with the industry to understand how the innovative use of technology, such as blockchain, distributed ledgers and smart contracts, could revolutionise the land registration and property buy-sell process.
Graham Farrant, Chief Executive of HM Land Registry, said:
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.
Peter Rowlins, Chief Executive Officer of Methods, commented:
When we read the HM Land Registry requirement, we recognised 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.
David Rutter, Chief Executive Officer of R3, commented:
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.
John Reynolds, Blockchain Digital’s Innovation & Delivery Director, commented:
Digital Street and blockchain has 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 eco-system to join the Digital Street Community.
Notes to editors
HM Land Registry’s ambition is to be at the forefront of innovation by exploring how land registration and conveyancing can be made easier and how technology and data could revolutionise the process.
Digital Street is HM Land Registry’s research and development project designed to make buying and selling property simpler, quicker and cheaper through the innovative use of technology. Now in its second year, the project is exploring the use of blockchain technology and smart contracts to bring greater transparency, speed, and trust to property transactions.
The project has already created a digital register for a small selection of properties, which is a first step towards establishing a register that is fully machine-readable and able to be updated instantly.
Methods was selected following a tender process which attracted 22 bids to support the Digital Street project team and develop greater in-house expertise.
HM Land Registry
HM Land Registry safeguards land and property ownership worth in excess of £4 trillion, including around £1 trillion of mortgages. The Land Register contains more than 25 million titles showing evidence of ownership for more than 85% of the land mass of England and Wales.
HM Land Registry’s mission is to guarantee and protect property rights in England and Wales. HM Land Registry is a government department created in 1862. It operates as an executive agency and a trading fund and its running costs are covered by the fees paid by the users of its services. Its ambition is to become the world’s leading land registry for speed, simplicity and an open approach to data.
For further information about HM Land Registry visit gov.uk/land-registry.
Follow us on: Twitter @HMLandRegistry, our blog, LinkedIn and Facebook.
HM Land Registry Business Strategy
Digital Street is just one of many projects being developed by HM Land Registry as part of the organisation’s Business Strategy. The organisation is exploring a number of potential services to make the buying, renting, selling, financing, building and managing property easier.
The first digital mortgage was signed in April using HM Land Registry’s ‘Sign your mortgage deed’ service. The initial mortgages have signed by customers of Coventry Building Society and Enact Conveyancing, HM Land Registry is now actively expanding the number of lenders and conveyancers who are using the service.
The recently launched Local Land Charge Register brings data from 326 local authorities to a central database, removing the need for manual searches in overworked local offices and removing weeks of potential delays from each sale.
Homebuyers can use the ‘Find property information’ service to quickly find information about properties they are interested in at the start of the transaction, rather than waiting until an offer has been accepted.
Working in collaboration with key stakeholders from across the industry, including property technology (PropTech) specialists, data experts, conveyancers, property developers, mortgage lenders and others, over the coming years HM Land Registry will be exploring innovative uses of technology.
Methods is the leading digital transformation partner for the UK public sector. We bring innovation, bespoke development, and service management capability to align UK public services around citizens and safeguard them for future generations.
R3 is an enterprise blockchain software firm working with a broad ecosystem of more than 200 members and partners across multiple industries from both the private and public sectors to develop on Corda, its open-source blockchain platform, and Corda Enterprise, a commercial version of Corda for enterprise usage.
R3’s global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 is backed by investment of over $120 million from more than 45 firms.
The Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
Persistent Systems, a $470 million listed company, builds software that drives the business of our customers; enterprises and software product companies with software at the core of their digital transformation.
Blockchain Digital is the leading business process innovation and service design consultancy, focused on the application of blockchain in the public sector and enterprise.
1 Bedford Park
Phone (Monday to Friday 8.30am to 6pm) 0300 006 3349 or 0300 006 7543
Mobile (6pm to 8.30am, all weekend and public holidays) 07864 689 344