Reapit Joins IPN Consortium to Develop a DLT-based System
Recently, the U.K.’s largest estate agency platform, Reapit, has decided to join the IPN consortium, which is an association of firms dedicated to developing a Distributed Ledger Technology-based system. This technology enables customers to examine the home buying process thoroughly from their cell phones very conveniently. The blockchain consortium was introduced last year and consists of firms, who have developed their expertise in different segments of the home buying process. “Reapit joins NatWest, Dezrez Estate Agency Software, Redbricks Solutions Conveyancing Software, eTech Surveyor Software, Search Acumen Property Data, Conveyancing Data Services Property Data, and LMS Panel Management Software.”
The consortium is composed of many platforms that allow access to approximately 3000 estate agents, conveyancers numbering almost 1000, 80% of property surveyors, and over 11% of total mortgages market. More than 40% of estate agents in the U.K. would be encompassed within this network as Reapit would extend the adoption of the network. The various members who make up the consortium have enabled access to technology related to the different segments of the home buying process. This is provided through their platforms, which are connected to a decentralized, autonomous network that has been developed by Coadjute, a software firm. With the help of Distributed Ledger Technology, the information would be shared in a smooth and hassle-free way across different platforms. This information is needed before the offers are made final and for mortgages to be secured.
The CEO of Reapit, Gary Barker, has said,
“Joining the IPN Consortium and integrating our platform with the Coadjute network will enable our agents to connect, interact, and collaborate with the other businesses involved in their customer home buying and selling journey, openly and transparently.” John Reynolds, the founder and chief executive of Coadjute, has also remarked, “The reality is that consumers don’t want estate agent services, broker services, lending services, legal services—they want is to purchase a new home. The problem is this single transaction that the consumer is trying to complete consists of brokerage, estate agency, lending, conveyancing, and surveying, all of which are provided by different businesses. As these sub-services, processes and systems are disconnected, the customer has the heavy and stressful burden of stitching them together in a single transaction.”
Therefore the association of Reapit with Coadjute and its involvement in the IPN Consortium would make the much anticipated end-to-end digital home buying process a practical reality as consumers would be able to access all the services in an integrated and seamless manner.