HM Land Registry collaborates with the methods of the software company, which it will use R3The blockchain platform, Corda, for the second phase of the pioneering research and development project of HM Land Registry, Digital Street.
The methods will be supported by a team of global experts R3, Blockchain Digital and their wider partner network. The organizations will bring their blockchain experience to the HM Land registry, enabling Digital Street to fully explore the potential benefits of the new technology.
Digital Street will work with industry to understand how the innovative use of technology, such as blockchain, distributed master books and smart contracts, could revolutionize land registration and the process of buying and selling real estate.
Graham Farrant, managing director 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 the Land HM Registry to be at the forefront of global land registration innovation. Working with Methods on Digital Street, we are taking another step towards this goal as we explore how new technologies such as blockchain can help us develop a faster, simpler and cheaper land registration process.
Peter Rowlins, Chief Executive Officer of Methods, commented:
When we read the requirements of the HM land register, we have recognized that the exclusive features offered by Corda in terms of security, privacy, interoperability and the intelligent structure of the contractual flow, originally designed for financial services, would be an excellent solution .
David Rutter, CEO of R3, commented:
We are delighted to see another innovative use of Corda in the public sector and look forward to working with the world's best-known land register, the HM land register. Blockchain has the potential to transform land registry services by improving speed, simplicity and efficiency. We will work closely with HM Land Registry, Methods and our partners in the coming months to turn this potential into reality.
John Reynolds, Director of Innovation & Delivery at Blockchain Digital, commented:
Digital Street and blockchain have the potential to synchronize and optimize the way all real estate market participants interact, from lawyers to banks, from surveyors to real estate agents. In the coming months, and in support of the commitment of HM Land Registry for the opening of data and the opening of innovation, we will announce a program of innovation and collaboration events that will allow the real estate ecosystem to become part of the Digital Street Community.
Notes for editors
The ambition of HM Land Registry is to be at the forefront of innovation by exploring how land registration and land transfer can be simplified and how technology and data could revolutionize the process.
Digital Street is the research and development project of HM Land Registry designed to make buying and selling simpler, faster and cheaper properties 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 confidence in real estate transactions.
The project has already created a digital register for a small selection of properties, which is a first step towards creating a completely machine-readable registry that can be updated at the moment.
The methods were selected following a procurement process that attracted 22 offers to support the Digital Street project team and develop more internal experience.
HM Land Registry
HM's land register protects land ownership and ownership of over £ 4 billion, including around £ 1 trillion. The land registry contains over 25 million titles attesting ownership of 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 management costs are covered by the rates paid by users of its services. Its ambition is to become the world's leading cadastral register for speed, simplicity and an open approach to data.
For more information on HM Land Registry visit gov.uk/land-registry.
Follow us on Twitter @HMLandRegistry, our blog, LinkedIn and Facebook.
Business strategy of the HM land register
Digital Street is just one of many projects developed by HM Land Registry as part of the corporate strategy of the organization. The organization is exploring a range of potential services to facilitate the purchase, rental, sale, financing, construction and management of real estate.
The first digital mortgage was signed in April using the & # 39; Sign your mortgage & # 39; by HM Land Registry. The initial mortgages were signed by customers of Coventry Building Society and Enact Conveyancing, HM Land Registry is now actively expanding the number of lenders and carriers that use the service.
The recently launched Local Land Charge Register brings data from 326 local authorities into a central database, eliminating the need for manual searches in local overburdened offices and removing weeks of potential delays from each sale.
Homebuyers can use the "Find Property Information" service to quickly find information about the properties they are interested in at the start of the transaction, rather than waiting until the offer has been accepted.
Working in partnership with key stakeholders across the industry, including real estate technology specialists (PropTech), data experts, carriers, property developers, mortgage lenders and others, the Land HM Registry will explore innovative uses in the coming years of technology.
Methods is the leading digital transformation partner for the UK public sector. We bring innovation, tailor-made development and service management capabilities to align British public services with citizens and safeguard them for future generations.
R3 is a company blockchain software company that works with a large ecosystem of over 200 members and partners in various sectors, both public and private, to develop on Corda, its open source blockchain platform, and Corda Enterprise, a commercial version of Corda for business use.
R3The global team of over 180 professionals in 13 countries is supported by over 2,000 technology, financial and legal experts from its global base. R3 is backed by an investment of over $ 120 million from over 45 companies.
The Rope platform is already used in industries, from financial services to health care, to shipments, to insurance and more. It records, manages and executes the financial agreements of the institutions in perfect sync with their colleagues, creating a world of trade without friction.
Persistent Systems, a listed company of $ 470 million, creates software that drives the activities of our customers; companies and software companies with software at the center of their digital transformation.
Blockchain Digital is the leading consulting firm for innovation and service design, focused on the application of blockchain in the public sector and in companies.