A new tie-up between Coadjute, a network for decentralized workflow and data sharing within the real estate industry, and banks like NatWest, has brought home transactions one step closer via blockchain. A consortium of major property software companies and NatWest, one of the UK's largest high-street banks, will be involved in the project to develop new mortgage and home buying technologies. The technology's major intention is to accelerate and simplify the whole home buying process and then make it available via the mobile banking app from NatWest.
By connecting the platform of each software provider and building a decentralized home buying network, Coadjute and NatWest will work together to create a new end-to-end homebuying journey. Using blockchain–also known as distributed ledger technology–we can easily share the information needed in processes such as obtaining a loan and finalizing an offer to buy, claim those behind the plan.
In addition, this more streamlined information sharing will make the entire process of home buying much faster and more efficient. Finally, the project aims to provide complete transparency to NatWest customers through their app throughout the home buying process, enabling consumers to feel more managed and comfortable throughout.
Software providers want to be more engaged in the property industry–and also want the industry itself to be more digital and tech-led than ever before to accelerate the process of home buying and selling. To make this possible, a consortium is formed from each point of the homebuying cycle with a variety of technology providers.