News Real estate

UK Land Registry selects Corda for blockchain

houses land registry

Today at Corda Con R3’s CEO David Rutter announced that Her Majesty’s Land Registry (HMLR) chose Corda for blockchain development. The project aims to explore how to make the house buying process in the UK faster, simpler and more transparent.

The initiative is part of the department’s ‘Digital Street’ program. This is the second phase of its blockchain and distributed ledger technology (DLT) research and development program, so the focus is on Proofs of Concept.

HMLR processes 1.8 million applications per month. The organization has a vision “to become the world’s leading land registry for speed, simplicity and an open approach to data.”

Back in May 2018 HMLR outlined its aims. Firstly they wish to prove that DLT is capable of improving the transparency of the property buying and selling process. Next is to enable users to sign an agreement and deliver the transfer digitally. They want to remove the duplication of ID verification from the buying and selling process. For example, a buyer might have to prove their identity to the lawyer and mortgage company.

Additionally, the intention is to prove that smart contracts can help with automation. For example, to move funds and update the land register. Finally, they want to explore the capabilities of DLT.

The work will impact all participants in the land registration process. In addition to the buyer and seller, it includes lawyers, conveyancers and mortgage providers.

Originally the plan was to complete the R&D by March 2019, but the contract award is a couple of months late so that may be delayed.


Image Copyright: fazon1 / DepositPhotos