Coadjute, the long-awaited real-time network which uses Blockchain technology to sell a property, is launched today with its first property deal on the network.
Coadjute was formed in 2018 following an initiative 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.
Coadjute claims that its platform allows, for the first time, all parties involved in a property deal – including the agent, conveyancer, mortgage lender and broker – to track the live progress of the transaction from start to finish, from their existing software.
The first live property deal on the network is the sale of a house in Kent, being marketed by estate agent Quealy & Co.
Proprietor Dee Quealy says: “Reducing the time taken to complete a deal is critical to the success of an estate agency. Using our existing software to co-operate with other parties via the Coadjute network, we can now complete transactions much faster and reduce the chance of a deal collapsing.
“We’ll also be able to offer an even better experience for our customers by always having a synchronised view of the property transaction to provide instant, real-time updates. We are passionate about trying to reduce the length of time a transaction takes, the uncertainty, dashed hopes and expectations and money wasted and the Coadjute platform is groundbreaking in terms of the transparency and speed it brings to the process.”
Seven property software companies – including Dezrez, MRI, VTUK and Reapit – have signed up and the initiative has the backing of the Land Registry.
A statement launching the platform today says: “Coadjute is all about getting rid of those many small delays and gaps in the process caused by miscommunication or a disconnect, that when combined can add up to a bigger issue.
“From banks waiting for documentation to missed calls or emails, all these small delays add up. With the Coadjute network, there is greater transparency, a reduced risk of fraud and an accelerated process with significantly 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.“
The company is led by former NatWest executive Dan Salmons who says: “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.”