One of England’s largest banks, National Westminster (commonly known as NatWest), is planning to boost the process of finalizing real estate buying in the United Kingdom via a distributed ledger, reported TokenPost on November 29th.
NatWest entered a consortium with the real estate blockchain network Coadjute to cut down the time from three months to just a couple of weeks.
“Through innovation, we are making the lives of our clients as easy as possible. The complexity of the property buying business has been a critical issue for many clients. With this consortium, we are hoping to boost the ease of the entire process, and to make it safe and transparent," said Dan Salmons, NatWest’s director of mortgage innovation.
The platform would enable unprecedented transparency in real estate buying, as the parties involved in the purchasing process can transfer data about a given property in a seamless way. Users can monitor the process via a companion app, which will explore the ledger and provide real-time data about the process completion.
NatWest would greatly benefit from the consortium because banks are the primary source of funding for buying a house. When data is streamlined, NatWest could lend funds much faster, without the need for additional time delays due to the slow information sharing process.