22-week property transaction replicated in 10 minutes

A “shadow” conveyancing transaction has been completed in less than 10 minutes following a ground-breaking digital project 

10 Jul 2020

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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