We’re thrilled to announce we have been part of HM Land Registry’s Digital Street research and development project. We worked with a number of companies, including Mishcon de Reya, Premier Property Lawyers, Barclays and ShieldPay, on a blockchain prototype to show how much simpler and quicker it can be to buy and sell a house by demonstrating a digital transfer of ownership.
The sale of a semi-detached house in Gillingham, Kent, was used to show how the emerging technology could be used to reduce uncertainty and delays when buying a home.
Stefan, the seller of the house in Gillingham who took part in the trial, said: “It was pretty straightforward. If that’s the way forward, it’s going to make everything easier.”
Throughout the property transaction process, it is essential to identify all participants at each point of the progress to ensure protection against fraud and money laundering. Our secure digital identity let the buyers and sellers safely prove who they were throughout the transaction, resulting in a safe and secure completion.
One of the biggest pain points in the property transaction process is the mix of methodologies used to engage with buyers and sellers across the different organisations that service the transaction. Estate agents, mortgage lenders and conveyancing solicitors are all required to formally identify the participants in a property transaction, yet their customers need to go through multiple identity verification processes to achieve this. Some of these processes involve insecure and easily defrauded practices such as sending documents via post, emailing document images, and in-person document checks by untrained staff.
By using Yoti instead, buyers and sellers are able to prove who they are safely and securely multiple times across an entire transaction cycle, using only their smartphone. This has been a hugely rewarding project and it’s exciting to think that buying or selling a home could become a digitised process using blockchain and Yoti in the future.