Enhanced efficiency, collaboration, transparency and trust are some of the key claims of blockchain technology that are appealing to many industries, including the real estate sector. Land registries around the world (including in Sweden and the Republic of Georgia) are exploring the use of blockchain and smart contracts to enable real estate contracts and property records to be completed and monies distributed in an effective and timely manner.
On Monday 1 October, the UK’s HM Land Registry outlined its intention to explore the use of blockchain. It announced that it was partnering with software company Methods, who will utilise R3’s blockchain platform, Corda, for the second phase of HM Land Registry’s ground breaking research and development project, Digital Street.
Methods will be supported by a team of global experts from R3, Blockchain Digital, and their wider partner network. The organisations will bring their blockchain expertise to HM Land Registry, enabling Digital Street to fully explore the potential benefits of the new technology.
The intention of the Digital Street project is to help the Registry understand how the innovative use of technology (such as blockchain, distributed ledgers and smart contracts) could revolutionise the land registration and property buy and sell business in the UK.