A new real-time blockchain network that aims to speed up property transactions has been launched in the UK.
Coadjute, which claims to be the world’s first real-time network for the property market, launched earlier this week with the completion of its first live property deal.
Coadjute has ambitions to reduce the five-month average process for buying and selling property by half.
Property software companies including Dezrez, MRI, VTUK, and Reapit have already signed up to the Coadjute network, which also has the backing of the Land Registry.
With more than 25% of deals currently falling through and billions lost in efficiencies, Coadjute says its bank-grade blockchain technology – which is widely used for foreign trading and transactions – can provide a solution.
The Coadjute network utilises R3 Corda enterprise technology, a bank-grade form of Blockchain with particularly high levels of security.
Using the network, all parties involved in a property deal – including the estate agent, conveyancer, mortgage lender, and broker – can track the live progress of the transaction from their existing software.
Coadjute claims that its network provides greater transparency, reduced risk of fraud, and an accelerated process with less admin.
Conveyancers will be able to protect sensitive client data by Coadjute’s encrypted network, which only the conveyancer and the receiving party can see.
Commenting on the launch of the network, CEO and former NatWest executive Dan Salmons said: “This is a huge moment for the UK property market.
“With so many different parties involved in a property transaction there’s been a desperate need for a way to connect them and speed up the process.
“Thanks to the leadership of HM Land Registry, and the support of some of many of the leading property software companies, that technology has now arrived.”
The first live property deal on the network is the sale of a house in Kent.
Backed by international venture funding, Coadjute intends to roll out across the UK over the next 24 months.
Background: Coadjute
Coadjute was formed following an initiative in 2018 brought about by HM Land Registry to test the use of blockchain technology in the property market.
The team behind it spent the next two years piloting the concept with property market businesses including estate agents, conveyancers, software platforms, and banks, before launching this week.
The Land Registry has hailed the innovation as a milestone in the digitisation of the property market.
Deputy director Eddie Davies said: “HM Land Registry ran the Digital Street initiative in 2018 to encourage the industry to work together to improve the efficiency of the market.
“We’re delighted to see Coadjute take this work forward and are happy to be working with them now as they bring their network to market.”
Image: Dan Salmons, CEO, Coadjute. Credit: David Laslett Photography
Read next: Enghouse webinar to reveal how tech is revamping social housing customer service
Are you a social housing professional? Sign up for a FREE MEMBERSHIP to upload news stories, post job vacancies, and connect with colleagues on our secure social feed.