The conveyance process in the UK is slow, expensive and stressful. It often involves a series of linked transactions in a chain, and can be opaque to all parties involved. HM Land Registry embarked on an innovation project to explore how these issues might be addressed as part of its’ ambition to “become the world’s leading land registry for speed, simplicity and an open approach to data.”
We defined the problem space and mapped the end-to-end conveyance flow across various actors. We then designed and developed a cutting-edge proof of concept solution using blockchain technology to demonstrate how a conveyance might operate on-chain. We stood up infrastructure, developed the dApp and hosted nodes to support the demonstration of the prototype, and documented the process for hand-off to HMLR.
The prototype successfully demonstrated an end-to-end conveyance in just 10 minutes versus an average conveyance time of six weeks. HMLR announced the work and heralded it as a “success” and confirmed that they “learned a lot of valuable things” during the project.
Read more here.