HM Land Registry ‘Digital Street’ UPDATE
You may have heard us mention that the UK Government has realized that the old model of updating land registry for the UK property industry is outdated and in need of improvement.
The UK government have been talking about switch the way land registry works and to make the process digital, naming the project ‘Digital Street’ where they plan to use blockchain instead of their current centralised system. Well we’ve been given an update and it’s looking extremely positive!
HM Land Registry recently released a copy of their business strategy for 2017–2022 which states their ambition is “To become the world’s leading land registry for speed, simplicity and an open approach to data”.
Under their ‘Digital Street’ project, HM Land Registry will improve the conveyancing process by (as stated in the document) exploring….
“how a digital register might improve the conveyancing process by making transactions faster and more secure. The proof of concept digital register will link a home owner’s digital identity and the register, make identity verification more secure, improve fraud prevention and enable home owners to make simple changes to the register, such as a change of name, themselves.”
This information is extremely exciting, as our Agent Not Needed platform will require these features for use in our smart contracts. What’s even more exciting is the documents statement as to how the register will be distributed, which says,
“New technologies such as Blockchain might enable the register to be distributed among trusted parties such as lenders and conveyancers, giving them the ability to operate and update in a secure and tamperproof manner. We will explore the benefits of this alternative approach to managing a digital land register”
This is exactly what we are building, a peer to peer property platform where the middleman (estate agents, conveyors, solicitors) are removed from the process allowing individuals to transact property directly, yet still having the reassurance of security with a tamper proof solution.
We are even more excited now as our team having worked with big brand name companies are more than capable of producing the property platform solution we have proposed. This will be seen with our BETA version to be released later this month, and given our crypto token sale is a success, we will have the funds we require to build the full version and unleash our revolution to the world!
For more information regarding Agent Not Needed and the ANN Token sale, visit our token sale website at tokensale.agentnotneeded.com
For the HM Land Registery Business Strategy document, visit this link: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/662811/HM_Land_Registry_Business_strategy_2017_to_2022.pdf