NatWest Forms Blockchain Consortium To Streamline Home Buying In The UKbr>
National Westminster Bank (NatWest), a major retail and commercial bank in the United Kingdom, has formed a blockchain consortium to develop a blockchain system that lets customers go through the entire home buying process through their mobile phones.
Finextra reported that seven different software companies, including Coadjute, Dezrez, Redbrick Solutions, eTech, Search Acumen, Conveyancing Data Services and LMS, will be a part of the consortium. Each consortium member provides technology related to different parts of the home buying process, with Coadjute connecting their platforms to create a decentralized network. Blockchain will reportedly be used to seamlessly share all of the information required to secure mortgages and finalize offers.
The goal of the project is to provide NatWest customers with complete transparency over the entire home buying process via a companion app.
“We are committed to finding innovations that make our customer’ lives easier, and know that the complexity of conveyancing is a key pain point for many,” said Dan Salmons, director, mortgage innovation, NatWest. “The Coadjute consortium has brought all the parties involved together to create a single mobile app, and used distributed ledger technology to make the customer journey safe and seamless. We believe the approach has the potential to be a real game-changer, not just for our customers but for the entire property market.”