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Project

The mortgage was driven into a blockchain and accelerated real estate transactions

Customers: Coadjute

Financial services, investments and audit

Contractors: Natwest Bank
Product: Projects based on blockchain technology

Project date: 2019/11

At the end of November, 2019 the DLT Coadjute company announced the transaction with Natwest Bank to allow clients of bank to control process of purchase of housing through a blockchain-application.

Coadjute intends to provide to all concerned parties a possibility of free use of all necessary data. Traditional difficult information exchange can be simplified using blockchain technologies which will provide necessary reliability and transparency of negotiations.

The mortgage was driven into a blockchain and accelerated real estate transactions
The mortgage was driven into a blockchain and accelerated real estate transactions

Initially the project with Natwest concerned generally mortgage lending — it had to provide bank with information necessary for the statement of a mortgage that the buyer could purchase housing without excess vanity. Such approach significantly simplifies negotiations — clients of Natwest do not need to wait for the message from the lawyer, it is enough to install mobile application.

Coadjute noted that the project has success in Great Britain.

«
Even at primary stage we covered 12% of mortgage market: in the application 1000 agencies and 4000 real estate questions lawyers were registered — the CEO and the founder of Coadjute John Reynolds noted. — Thanks to advance registration of the leading players of the market, the platform already at start will receive serious weight in the real estate industry.
»

The company is going to start the platform in 2020. The solution will work based on a blockchain system of Corda R3. Other consortium members Dezrez (real estate agency), Redbrick Solutions (software developer for lawyers), as eTech (software developer for surveyors), Search Acumen (a data register about residential property), Conveyancing Data Services will act (a data register about residential property).

Coadjute already carried out primary tests with more than 40 organizations, including Clifford Chance, Natwest and Barclays Bank.[1]

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