UK`s Land Registry Will Register Property On A Blockchain

UK`s Land Registry Will Register Property On A Blockchain

Her Majesty`s Land Registry, a UK government agency that registers land ownership, has announced that it will undertake a project to register property

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Her Majesty`s Land Registry, a UK government agency that registers land ownership, has announced that it will undertake a project to register property using blockchain technology.

The Land Registry looks for three Non-Executive Board Members to become part of the board.

“In order to ensure that the Land Registry’s ambitious transformation programme succeeds, it is essential that the board has the right mix of specialist skills and expertise.”, as stated on publicappointments.cabinetoffice.gov.uk.

“We are therefore looking for specialist Non-Executive Directors with individual experience of Finance, Legal and Transformation/Digital issues.”, continued the vacancy description.

Digitalization of the registry

The registry, an executive agency of the Department for Business, Energy and Industrial Strategy, is reportedly providing state-backed guarantee of ownership on the register. It does not require title insurance.

To fulfil its objective, the registry plans to become more digitized. For example, they have considered the launch of a “Digital Street” to allow property ownership changes to close instantaneously, as the article explained. Digital Street may be the world`s first digitized registry that can transform the property market, as the posting explained. Blockchain technology is to be used in the project.

However, the UK is not the only country that experiments with the blockchain technology for registering and managing property.

In February, cryptocoinnews.com and Forbes (forbes.com) reported that Georgia has joined forces with Bitfury Group, a provider of blockchain infrastructure, to validate property-related transfers.

Last year, a team of blockchain technology enthusiasts have reportedly launched the Bitland initiative to establish usable land titles and save thrillions of dollars for infrastructure development in West Africa.

The project is said to start in Ghana and expand throughout Africa. It remains to be seen whether and how such projects will realize in practice.

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