Coadjute unveils blockchain-based DLT platform for UK house sales

Coadjute unveils blockchain-based DLT platform for UK house sales

Coadjute, a blockchain property tech startup, has reportedly announced the launch of Coadjute Network, a DLT (distributed ledger technology) network that enables businesses operating in real estate to share data about a property sale.

The housing market in UK is composed of numerous parties ranging from legal firms, estate agents, and lenders to mortgage brokers. During the typical four-month process, several phone calls and emails are being made between all parties regarding a house sale and closing a deal which could become a tedious procedure for everyone, especially the home seller.

Alike most blockchain applications, Coadjute intends to offer a shared source of information. The platform will carry out two main functions that include sharing documents like sale contact and facilitating the conversation. For example, each house sale has a deal room, which functions similarly to a WhatsApp group and allows participants to communicate.

With this launch, Coadjute aims to expand the solution to include mortgage settlements and capital transfers, and it has already performed trials with major financial institutions, including NatWest and Barclays.

Notably, Dezrez, MRI VTUK, Reapit, AV Rillo, Osprey, and Redbrick are among the seven leading software businesses in the UK housing market collaborating with the platform. These software companies host a node on the blockchain network which is built using R3's Corda blockchain.

Since the UK's HM Land Registry successfully explored blockchain technology in the housing market, this concept has been in the process from over three years. In 2018, HM Land Registry launched the Digital Street project to encourage the industry to collaborate and boost efficiency, stated HM Land Registry Deputy Director, Eddie Davies.

Expressing his views, Mr. Davies stated that they are pleased to see Coadjute taking this work forward and are glad to be collaborating with them as the blockchain company brings their Network to market.

Reports claim that Coadjute has raised a multi-million dollar round of fundraising in late 2020, with R3's CEO participation. Previously, the company signed an agreement with NatWest Bank to utilize an app to track the home-buying process.

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