Yesterday UK real-estate blockchain network Coadjute (formerly Instant Property Network) said it raised £750,000 ($938,000) in a seed round. Six months ago it completed a test run of its blockchain platform along with over 40 organizations including
Barclays and RBS. Coadjute now plans to develop a blockchain platform to track construction, ownership and maintenance of properties.
The initial trial was to connect all parties in a real estate transaction through its platform and eliminate the need for e-mails and telephone calls. Lawyers typically carry out due diligence and coordinate with incoming and outgoing mortgage lenders as well as the seller’s agent. One of the benefits of blockchain is that all parties are clear on the status of the real estate deal. Coadjute expects property transaction time to be reduced from three months to three weeks using blockchain. It also claims that there is potential for $160 billion in savings to be made globally through efficiencies.
Additionally, the company became aware of demand from publicly owned housing (council housing). In 2017 a publicly owned building in London, Grenfell Tower, burned down with 72 deaths. It was suspected that recently added cladding contributed to the rapid spread of the fire. A report afterwards identified the need for “greater clarity and accountability over who is responsible for building safety during the construction, refurbishment and on-going management of high-rise homes.”
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