What’s Going On?
The United Kingdom’s HM Land Registry has partnered with Methods to leverage Corda, the blockchain platform built by New York-based R3 in a major research project.
Why Does It Matter?
HM Land Registry wants to use the technology for the second phase of its R&D project Digital Street, reported Cryptovest. Methods is expected to build on R3’s Corda framework to develop a platform to store land registration information and streamline the process for buying or selling properties, according to an official press release.
The Land Registry’s research began last year when it first announced the project, reported CoinDesk. In addition to streamlining the buy-sell process, the agency said it hoped to store more “granular information” using a blockchain platform.
So What Can We Expect?
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.”
Digital Street is just one of many projects being developed by HM Land Registry as part of the organisation’s business strategy, reported Internet of Business. The recently launched Local Land Charge Register is another example, which collates data from 326 local authorities into a central database, removing weeks of potential delays from each sale.