The National Land Cadastre of Great Britain continues to work on its new project, which will work on the blockchain base. According to the press release, on Tuesday, the HM Land Registry announced that it had launched a partnership with R3, a software company based on the blockchain. The latter, in turn, is ready to begin developing the Corda R3 system, which will form the basis of a future platform that will be able to store information on land registration and streamline the process of buying or selling real estate.
The HM Land Registry study began last year, when the project was first announced. In addition, following the desire to optimize the process of buying and selling, the agency said it hopes to store a large amount of various information using a block platform.
In a statement, Graham Farrant, CEO of the HM Land Registry, said that the agency is striving to become the world’s leading land cadastre, relying on speed, ease of use and openness of data.
Working with the latest technology, we take another step towards our goal, because we understand that innovations such as blockchain can help us create a faster, easier and cheaper land registration process, added Graham Farrant in his speech.
R3 CEO David Rutter also noted the potential of the technology to make transactions more efficient, and said that R3 will work closely with the Land Registry to turn this potential into reality.