A “shadow” conveyancing transaction has been completed in less than 10 minutes following a ground-breaking digital project supported by HM Land Registry.
It was the result of a co-ordinated project between Mishcon de Reya and other organisations including Land Registry, which replicated the conveyance of a semi-detached Gillingham property which took 22 weeks to complete.
By building a distributed ledger technology (DLT) based prototype to enable a digital property transfer that automatically updates the land register, the test case reduced the time taken to minutes.
Land Registry’s role included creating a DLT-based application built on the Corda platform.
The team established the transaction pa...
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