Coadjute, a distributed network for data sharing, has partnered with NatWest to design a unique and seamless home buying and mortgaging experience leveraging blockchain and DLT.
The blockchain system will be utilizing Natwest’s mobile banking application to create a complete home buying experience from start to finish. This app will enable the sharing of important and confidential information all through the process, such as mortgage approval, finalize and also manage all the nuances present in the conveyancing course to all the major shareholders.
The application ensures that buyers enjoy transparency in the process. It also makes sure that key stakeholders have the power to keep a watch on the progress and bring in bigger alliances and communication throughout the whole process of purchasing and selling housing property.
The motive of this technology is to enhance the sharing of important information, which is going to make the purchasing process faster. It will lead to higher transparency and surety for all the parties involved and offer the customers a satisfying experience of home purchasing and mortgaging.
Coadjute is a consortium consisting of Dezrez Estate Agency Software, Redbrick Solutions Conveyancing Software, eTech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, and LMS Panel Management Software. Last year too, the group was engaged in the selling of a house using blockchain technology. It has played a major role in the strengthening of HM Land Registry’s ‘Digital Street’ brand; it researched the feasibility of blockchain being used to link a central land registry with businesses.
CEO and Founder of Coadjute, John Reynolds, said,
“Customer adoption will be driven by businesses coming together to provide a joined-up service (…) With a pipeline of leading platform providers signed up and ready to onboard, we will have a significant percentage of the property industry on the platform when it goes live. We envisage a time when Coadjute-enabled businesses will be the go-to choice for all customers to get a mortgage and move home in one simple, fast, and secure digital journey.”