Her Majesty's Land Registry, a non-ministerial department within the UK government, has reached an agreement with Methods to leverage Corda, the blockchain platform built by New York-based R3. HM Land Registry wants to use the technology for the second phase of its R&D project Digital Street.
The UK government has already attempted to assess the potential of the distributed ledger technology (DLT), and the current move demonstrates it is ready to take concrete steps towards adopting it.
The Methods team will be assisted by a group of experts from R3, Blockchain Digital, and their partners. They will contribute their know-how, helping HM Land Registry handle the Digital Street project and explore the benefits of blockchain in full.
Digital Street will collaborate with industry specialists to efficiently implement innovative blockchain features, including smart contracts. The latter have the potential to transform processes like land registration and real estate trade.
HM Land Registry CEO Graham Farrant commented:
“Our ambition to become the world’s leading land registry for speed, ease of use and an open approach to data requires HM Land Registry to be at the forefront of global innovation in land registration. By working with Methods on Digital Street we are taking another step toward that goal, as we explore how new technologies like blockchain can help us to develop a faster, simpler and cheaper land registration process.”
Methods CEO Peter Rowlins added:
“When we read the HM Land Registry requirement, we recognized that the unique features offered by Corda in terms of security, privacy, interoperability and the smart contract flow framework, originally designed for financial services, would be an excellent fit.”
Their counterpart at R3, David Rutter, said the Corda platform could potentially speed up processes, bring convenience, and improve efficiency.
In July this year, the British Law Commission started to analyze how domestic laws apply to DLT-based smart contracts as their use has increased in the last years.