NatWest And Coadjute To Contour Home Buying Process In UK
National Westminster Bank, or NatWest, is a significant retail and commercial bank in the U.K. looking to contour the method of buying home in the U.K. Presently, it takes an approximated three months to conclude a purchase. But hopes are there that through a new distributed ledger technology consortium with ‘Coadjute’ and leading property software providers, the process might lessen to 3 weeks.
The consortium has been developed with leading software providers from every stage of the home buying process -Redbrick Solutions Conveyancing Software, Dezrez Estate Agency Software, eTech Surveyor Software, Conveyancing Data Services Property Data, Search Acumen Property Data, LMS Panel Management Software.
More so, Coadjute’s first trial in this space was built on ‘Corda Network’ and hosted on ‘Microsoft Azure‘ in what is known as an ‘R3 CorDapp Trial’, proving a lot of powerful software behind this consortium.
But it will be ‘Coadjute,’ a network for decentralized workflow and data sharing in the property industry, operating alongside the significant bank NatWest, to assure this complete end to end house buying journey will involve a decentralized home buying network.
The project will eventually aim to provide NatWest customers with full transparency during the whole home buying process via a companion app.
The idea of buying a house has always been attached to painful and severe times. From the banks to the property managers, the traders and the regulators all need to execute their role in this purchase agreement, and the distribution of data across these parties is difficult.
One of the more leading players in the home buying process is the banks who lend the money for the house but after austere checks and the divulging of personal and private information. The problem comes when the banks need to improve the process but also maintain their data security.
“We are dedicated to discovering innovations that make our customers’ lives easier, and know that the complexity of conveyancing is a fundamental pain point for many. The Coadjute consortium has brought all the parties affected collectively to build a single mobile app and used distributed ledger technology to make the consumer journey secure and seamless.
We consider the approach has the potential to be a real game-changer, not just for our customers but for the whole property market,” said ‘Dan Salmons,’ Director of Mortgage Innovation at NatWest.
Blockchain, at its essence, is designed to help increase productivity with its ability to remove third-party intermediaries. More so, when it comes to the sharing and processing of data, it can maintain the integrity and privacy of data seamlessly.
These factors prove it to be a powerful technology in a space that has become quite bogged down.
Head of Data and Strategic Products of Search Acumen, Christian Woodhouse, said, “Someone who has purchased or sold a property understands the difficulty of the painfully slow and complicated process that depends on inefficient, often paper-based communication between lawyers.
This was followed by ‘David E. Rutter,’ CEO of R3, pointing out how technology can play a role in this instance.
He said, “The plight of blockchain technology is gathering speed day by day, and it’s use cases like this one that is proof to its potential to modify industry status quos.
The property sector is one which has benefitted and will continue to help immensely from digital transformation, improving processes that historically have been long and cumbersome.