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John Abbott, director of Digital, Data and Technology at HM Land Registry, revealed that the government is collaborating with blockchain companies to make it easier for homeowners to accelerate the time needed to register new properties and real estate.
"There are a lot of exciting possibilities in terms of what you can do with blockchain technology," Abbott told TechTalk presenter Radio Emily Wright.
"We are examining what could be done and whether it should be done or not, through our innovative Digital Street project."
The innovations will be part of the government's Digital Street initiative which aims to make the UK a world leader in land development and registration.
The project has been running for two years and this latest insight demonstrates how technology facilitates the development of public sector services.
Abbott also revealed to the government to explore how to use smart contracts to improve the accuracy of transparency and trust when home ownership is transferred.
"All our work, from the exploration of the potential of the blockchain to the study of how to make the most of our data sets, is conducted in collaboration with people from all over the real estate market – we want to make HM Land Registry work for everyone "Abbott added.
Some of Digital Street's current achievements include the creation of a digital registry for a selection of properties in the UK that will allow authorities to update property in real time.
The voices are readable by the machine, making it a significant step in the digitization of government records.
It is a huge task before all 25 million properties (which cover 86% of the territory in England and Wales) are digitized, but initiatives such as the introduction of blockchains and smart contracts will make it easier to manage the land register of HM.
