The national land registry of UK is seeking out to test blockchain technology as a part of across-the-board digitization effort.
In
previous month, it was all beginning by HM Land Registry for searching
new board members and, all included in a notice published to its
website, also detailed its plans for a presumed 'Digital Street' – an
upcoming scheme the office hopes will improve the speed and efficiency
by which titles change hands.
The basic purpose that the Land Registry has eyeing blockchain as a possible solution.
What
they’re doing: While the document itself is decidedly short on details,
here's what the office said in its note, which touches on some of
objectives of the project (and hints at where blockchain may fit in):
Digitized
and customer-centric is what Land Registry will need to meet Government
commitments. Soon, we expect Land Registry will begin a live test of a
'Digital Street' which would enable the ownership of property to be
changed close to instantaneously. The Digital Street would also allow
Land Registry to hold more granular data than is possible at present.
The only underlying technologies that will be trialled is Blockchain.
The
big picture: While it remains unclear when the tests will take place
(or what potential platforms the Land Registry will experiment with),
the development nonetheless represents the latest example of a public
agency looking to blockchain technology as a mechanism for cataloguing changes
in land ownership.
Number of countries have moved to test the
tech for this purpose. Sweden, let’s say as example, initiated the
second phase of a test as recently as March. Regulatory hurdles,
however, could hamper any attempts to bring that project to commercial
scale, its organisers said.
With the hand of government in Brazil,
similar undertakings are being pursued, and the state of Illinois, too,
is working on a land registry project as part of a wide-ranging
blockchain initiative.
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