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HM Land Registry To Explore the Benefits of Property Industry Blockchain

HM Land Registry is forming a partnership with Methods, a software company that will utilise Corda, the R3 blockchain platform, for the second phase of Digital Street, its innovative research and development project.

Methods will be working with Blockchain Digital, a team of worldwide experts from R3, and their greater network of partners. The organisations will provide their expertise in blockchain to HM Land Registry so that Digital Street can explore its potential benefits.

Digital Street will work with the industry to ascertain how the use of technology, such as blockchain, smart contracts, and distributed ledgers, could transform the land registration process and the way that property is bought and sold.

HM Land Registry Chief Executive Graham Farrant said that the goal of becoming the world’s foremost land registry for speed, simplicity, and open approach to data requires the Registry to remain at the forefront of technological innovation in land registration. By partnering with Methods on Digital Street, his organisation is coming closer to that goal, as it explores how a property industry blockchain can help it develop a better way to register land.

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Methods Chief Executive Officer Peter Rowlins said that when his company read the HM Land Registry requirement, it recognised that Corda’s unique features in terms of interoperability, security, privacy, and the smart contract flow framework, would be an ideal match.

R3 Chief Executive Officer David Rutter said that he was pleased to see Corda being deployed in the public sector in such an innovative manner and looked forward to working with HM Land Registry. A property industry blockchain has the potential to change the face of land registry services by improving efficiency, simplicity, and speed.

He confirmed that R3 would be working closely with Methods, HM Land Registry, and its partners in the months ahead to turn this possibility into reality.

John Reynolds, Innovation & Delivery Director at Blockchain Digital, said that blockchain and Digital Street have the potential to optimise and synchronise how all property market participants interact, from banks to solicitors, from estate agents to surveyors. In the months ahead, and to support HM Land Registry’s dedication to open innovation and open data, Blockchain Digital will be putting together a programme of collaboration and innovation events that allow the elements of the property industry to join the Digital Street Community.

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