Coadjute, a blockchain network for the UK property market, revealed that conveyancing software firm Osprey Approach, property data provider company Search Acumen, and conveyancing firms AVRillo and PCS Legal are to join their digital network.
Coadjute’s blockchain platform is an open network that connects businesses that take part in property transactions.
The company say it aims to tackle the slow, complex, and costly process of property transactions, which has been put under unprecedented strain in recent months, by enabling buyers, sellers and professionals involved in the property process to synchronise events and alerts in real-time, securely share messages and confidential documents and gain access to third party data and services.
Property businesses connect to the Coadjute network through their existing systems, with the aim of making integration easier, enabling cost reductions, improved resilience, and a “transformed” customer experience.
Coadjute’s open network is built on R3’s enterprise blockchain platform, Corda Enterprise.
The announcement follows the confirmation last year that Coadjute would be partnering with five property platforms: dezrez, Reapit, MRI, Redbrick and VTUK.
With the majority of UK estate agents and a growing number of conveyancers now set to be connected to the network, Coadjute say that this signals the start of faster property transactions for estate agents and conveyancers alike.
AVRillo and PCS Legal will become amongst the first globally to be connected by blockchain representing a major innovation in the legal sector.
Dan Salmons, chief executive at Coadjute, said: “By connecting their existing software and legal case management systems to other parties in the property market, Coadjute delivers real efficiencies to legal professionals who have better things to do.
“Our encrypted network enables them to securely share sensitive client data with ease, cutting time chasing for updates and making more time for legal review. We are proud to welcome AVRillo, Osprey Approach, PCS Legal and Search Acumen to the rapidly expanding Coadjute community.”
Angelo Piccirillo, senior partner at AVRillo, added: “We are very selective about who we partner with and are delighted to join the Coadjute Network.
“Their ground-breaking solution is exactly what our innovative team has been looking for to take AVRillo’s award-winning client experience to the next level. Coadjute has come prepared to improve the way the industry works.
“AVRillo made the decision early on to leverage Coadjute to connect with estate agents and lenders involved in a shared property transaction.
“By being connected to the innovative Coadjute network, we are looking forward to bringing further transparency, increased levels of communication with our business partners and clients; and stress-free conveyancing for our teams.”
Craig Matthews, chief executive at Osprey Approach, said: “It’s great to be involved with Coadjute as they enter into the next stages of the live project.
“The conveyancing industry has been in need of data transparency across all the key stake holders for many years and Coadjute’s solution is set to do just that.
“This is a project that will benefit everyone involved in the conveyancing process, estate agents, solicitors, mortgage lenders and ultimately the buyers and sellers. It’s a privilege to be part of that and we’re really excited to be working with Coadjute on transforming the industry.”
Stuart Forsdike, senior partner at PCS Legal, added: “We have been working with the team at Coadjute over the past year and have been delighted to see the features and benefits develop.
“We have waited long time for a solution that really does help to improve the homebuying and selling process and this is exactly what Coadjute does.”
Andrew Lloyd, managing director at Search Acumen, said: “The entire property industry has been put under intense pressure over the past few months, with the conveyancing market operating at 130% capacity.
“While parts of the legal property market have adapted successfully to digital ways of working, we need more initiatives like this one to make meaningful change.
“We are delighted to join Coadjute and the members of this network to advance the adoption of blockchain and digital ways of working that will future proof the industry and make it more resilient to future shocks.”
Read Coadjute’s interview with Mortgage Introducer as part of the Mortgage Tech Series here.