NatWest to use blockchain to streamline home buying in the UK

NatWest has become the latest commercial bank to experiment with blockchain technology.

Rather than focusing on speedier international payments though, the bank is looking to streamline the process of buying a home in the UK.

To accomplish this, NatWest will be teaming up with Coadjute, a network that harnesses distributed ledger technology to improve the ease of data sharing within the property industry.

NatWest wants to make buying a home easier

Buying a home in the UK can be a long and strenuous process, taking on average a minimum of three months for a purchase to complete.

However, red tape, miscommunication, and lack of transparency between the multiple parties involved can drag the process out even longer.

By teaming up with Coadjute and a consortium of leading property software providers, this lengthy process could be trimmed down to just three weeks. Thanks to the capabilities of blockchain technology, buying a home could become infinitely easier.

Also forming part of this blockchain home buying consortium are major software providers in the property industry, including Redbrick Solutions Conveyancing Software, eTech Surveyor Software, and four others.

Adding weight to the Coadjute name is the fact that its initial trial was built on the Corda Network backed by blockchain heavyweights R3.

Making information sharing easier across parties

The application of blockchain technology will make the process of sharing data across parties easier since they will all be on the same network.

NatWest will also be able to provide its customers with transparency at every step of the home buying process through a handy companion app.

Not only will this move by one of the UK’s largest banks be better for its customers, but it will benefit the bank as well.

Sharing sensitive data across multiple parties has always been a time-consuming and lengthy process. Since it is the bank that provides the funds for the property, it must carry out strenuous background checks while also ensuring…

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