Blockchain Digital Government – Digital Mortgages

Identity-Enabled Digital Services

This enabling role of new digital service innovations is effectively highlighted in the UK Government’s HM Land Registry digital business plan, in which they describe a future intention of:

“We will continue to enhance and expand our existing e-enabled services, such as our innovative Digital Mortgage service that uses secure identity assurance techniques to enable a customer to sign their mortgage deed digitally. Across all stages of digital service development, the needs of the user and a drive for speed and simplicity will be at the heart of our design.

  • we will launch a Developer service to provide a digital online lodgement and approval of estate plans and template leases and transfers.
  • we will launch a Digital Transfer service to create, sign and register a transfer of a registered title.”

Blockchain Identity

In this digital strategy plan HM Land Registry also states a goal of becoming a world pioneer in the use of Blockchain technologies, with this same use case scenario offering even more potential when this is factored in. For example in this PropertySolvers article the author explores the scenario, in particular noting the HM Land Registry ambitions:

“Graham Farrant, chief executive and chief land registrar at the HMLR reported on testing the Sign Your Mortgage Deed service for remortgaging homeowners. The mortgage deed will be produced and signed as part of a largely disintermediated digital conveyance process legitimately recorded at the Land Registry. Identity assurance will be provided by the GOV.UK Verify service.”

x

Law Gazette,

x describes how in Scotland,

Public Technology reports on how

PropTech

Blockchain Registries

In terms of technological innovations of course the Blockchain is one highly likely to feature in their future at some point.

Given the Blockchain is fundamentally a registry system then naturally this is a very fertile area for its application. As Anglia Research describes it is specifically intended as a ledger system for enabling and recording asset transfers, and CoinDesk provides this detailed examination of the use case, highlighting how one aspect of natural disasters is the potential loss of all paper based versions of these records, avoidable through encoding them on the Blockchain.

A number of countries are already blazing a trail in this area, including the UK, Sweden and Georgia each trialling implementations at different stages; it’s estimated the Swedish adoption could save taxpayers €100m. Chromaway, the supplier behind the Georgian system, discuss the scenario in more technical detail through this presentation, and this paper ‘A blockchain­ based property ownership recording system‘.

Registers of Scotland recently held an ‘innovation month’ to introduce and brainstorm the potential.

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