- The foremost land agency in the U.K is teaming up with software company Methods to implement blockchain
- The project will make use of R3 Corda
- They will also receive input from R3 and Blockchain Digital.
HM Land Registry, the governmental office in charge of public land matters in the UK, has announced a partnership with software developer ‘Methods’, to utilize blockchain technology to better perform their services. The project will be called Digital Street.
Methods will be making use of R3 Corda for what will be the second phase of their research into the benefits of Blockchain technology. The team form methods will receive additional support from R3, Blockchain Digital, and their wider partner network.
The end-goal of the project is to see how blockchain technology can be used to better improve the process of registering, buying and selling land in the U.K.
Early Signals are Good
The higher-ups in the HM Land Registry have each expressed excitement about the new project, with their Chief Executive Graham Farrant saying:
“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.”
He also said that by working with Methods on Digital Street, the HM Land Registry is taking another step in the right direction and that eventually, the Registry will be able to achieve a faster, simpler and cheaper land registration process.
Executives at Methods have expressed similar enthusiasm, with their CEO, Peter Rowlings, saying:
“When we read the HM Land Registry requirement, we recognized 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.”
The Future of Blockchain in Britain
HM Land Registry safeguards land ownership worth over £4 trillion, including around £1 trillion of mortgages and is a very powerful force in the U.K. bureaucracy.
By applying blockchain technology to their land registration process, millions of people and billions of pounds will be safeguarded using blockchain technology, which is a milestone worth celebrating.
Also, its application of blockchain technology in the Land Registry could lead to other Governmental agencies doing the same and with time, it might even become a Government agency standard rather than an experimental move.