Land Registry to trial blockchain for property transactions
Land Registry job advert reveals plans to transform the registration of property deals and ownership.
Bitcoin technology could be coming to a home sale near you - Photo credit: Lydiashiningbrightly, Flickr
HM Land Registry is working on plans for a digital platform to register property ownership using blockchain technology, it has emerged.
Land Registry is looking for three non-executive board members to provide oversight and challenge and give the programme strategic direction and support.
The job advert for the position says: “In order to meet government commitments, Land Registry will need to become more digitised and customer-centric.
“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.”
Land Registry said that the project would allow it to hold more granular data than possible than at present.
The job description for the new board member makes it clear that officials are looking for a candidate with significant transformation and digital experience. Competition for the appointments, which pays £20,000 for up to 10 meetings a year, closes on 22 June.
One role will cover legal, one finance and one digital and transformation responsibilities.
The Land Registry said: “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.
Land Registry is a trading fund and an executive agency of the Department for Business, Energy and Industrial Strategy (BEIS). It employs around 4,500 staff and operates from 14 locations.
Last year, the government abandoned its plans to privatise the Land Registry, as the Open Data Institute pushed for more measures to ease the use of its data.
Making the announcement, chancellor Philip Hammond said: “The statement said: “Following consultation the government has decided that HM Land Registry should focus on becoming a more digital data-driven registration business, and to do this will remain in the public sector.”
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