HM Land Registry has revealed that it plans to test a “Digital street” scheme capable of transferring ownership of property “instantaneously”.
The scheme’s existence was detailed in job advertisements for three non-executive board members.
Most notably, it will use blockchain technology similar to systems used to regulate the cryptocurrency Bitcoin.
The job vacancy said the blockchain-powered registry would be the “world’s leading land registry” for speed and simplicity, and would have an “open approach to data”.
It said the scheme was a “hugely ambitious objective”, which would require the most “far-reaching transformation” in the registry’s 150-year history.
“In the near future, 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,” it said.
“The Digital Street would also allow Land Registry to hold more granular data than is possible at present. Blockchain is one of the underlying technologies that will be trialled.
“The Digital Street, if successful, would be a world first and has great transformational potential not just for Land Registry but the property market itself.”
Experts have commented that the system will “do away” with paper contracts and reduce instances of fraud.
