Coadjute, a network for decentralised workflow and data sharing within the property industry, have agreed a project with NatWest and a consortium of leading property software providers to create a new home buying journey leveraging blockchain, or rather, distributed ledger technology.
The purpose of this consortium led project is to speed up and simplify the entire home buying process and bring it to life through a NatWest companion mobile banking app. The consortium has been formed with leading software providers from each stage of the home buying process – Dezrez Estate Agency Software, Redbrick Solutions Conveyancing Software, eTech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, LMS Panel Management Software.
Coadjute will work with NatWest to design a new end to end home buying journey for their customers by connecting each leading software provider’s platform to build a decentralised home buying network. Distributed Ledger Technology allows the information required to secure a mortgage and finalise an offer to buy, to be seamlessly shared between each party on the network.
Consortium formed with leading property software providers including Dezrez, Redbrick Solutions, eTech, Search Acumen, Conveyancing Data Services, and LMS to build end-to-end mobile conveyancing solution
As a result, the whole home buying process should be significantly faster and efficient. The project will ultimately aim to provide NatWest customers with complete transparency over the entire home buying process via a companion app. Consequently, customers should feel more in control, confident and supported.
Coadjute’s technology was previously used in a ground-breaking Instant Property Network trial involving the test sale of a home using blockchain. The trial, which involved 40 global organisations including RBS and Clifford Chance was one of the first of its kind. It showcased how the entire conveyancing process could be reduced to three weeks.
Dan Salmons, Director of Mortgage Innovation at NatWest, said: “We are committed to finding innovations that make our customer’ lives easier, and know that the complexity of conveyancing is a key pain point for many. The Coadjute consortium has brought all the parties involved together to create a single mobile app, and used distributed ledger technology to make the customer journey safe and seamless. We believe the approach has the potential to be a real game-changer, not just for our customers but for the entire property market.”