CoadJute is a startup that has found a solution to the notoriously long administrative processes that occur in the housing market. Launched in the UK, Coadjute has previously conducted trials with leading banks such as NatWest and Barclays.
The blockchain network Coadjute aims to take away the stress from the processes involved in a property transaction, integrating various platforms and agencies into one simple platform. Real Estate businesses are able to make use of Coadjute and cut down the time it takes to complete transactions.
In 2018 the UK’s HM Land Registry conducted a Digital Street research project to evaluate the feasibility of utilising blockchain technology in the housing market. The sale of a semi-detached house was the perfect real-life property transaction to test the prototype, and instead of the 22 weeks it had taken for the sale to go through, the Digital Street team were able to complete the sale in less than ten minutes.
HM Land Registry Deputy Director Eddie Davies commented on the initiative and their thoughts on Coadjute’s network:
“HM Land Registry ran the Digital Street initiative in 2018 to encourage 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.”
Here’s what the CEO of Coadjute had to say:
“We have seen other industries introduce market-level networks including Tradelens supply-chain network, Marco Polo trade-finance network, B3i insurance network and the Contour digital trade network. Now it’s time for the property market. Coadjute’s enterprise-grade distributed ledger technology now enables property market participants to collaborate and transact directly, providing a shared source of truth whilst managing data sharing with strict privacy controls”
A number of software companies have partnered with Coadjute, including Dezrez, MRI VTUK, Reapit, AV Rillo, Osprey and Redbrick. Coadjute is different to other blockchain solutions in that it is a Software as a Service (SaaS) solution to which other real estate software platforms connect, rather than functioning as a consortium.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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