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The national land register of the UK is moving into the second phase of its current blockchain search effort.
The HM Land Registry today announced that it has partnered with the blockchain Methods company, which plans to build on the R3 rope framework to develop a platform that can store land registration information and simplify the process of buying or selling properties, according to a press release.
Dubbed Digital Street, the search for the HM land register began last year when it announced the project for the first time. In addition, due to its desire to simplify the buying and selling process, the agency said it hoped to store more "granular information" using a blockchain platform.
In a statement Tuesday, the HM Land Registry Graham Farrant CEO declared that the agency intends to become "the most important land registry in the world", citing "the speed, ease of use and an open approach to data "as areas on which it wants to excel.
Farrant added:
"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, easier and cheaper land registration process."
R3 CEO David Rutter said the company "does not see the time to work with the world's most recognized land register".
As a Farrant, he noted the potential of technology to make transactions more efficient, and stated that R3 will "work closely" with the Land Registry to "turn this potential into reality".
Image of the HM land register through chrisdorney / Shutterstock
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