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National Westminster Bank (NatWest), one of the largest retail and commercial banks in the United Kingdom, has announced that it will lead a consortium that will leverage blockchain technology, to simplify and speed up the process of buying a property in the U.K.

According to a recent Forbes report, NatWest will be leading this consortium with real estate blockchain startup Coadjute, along with six other firms including Dezrez Estate Agency Software, Search Acumen Property Data, LMS Panel Management Software, Redbrick Solutions Conveyancing Software, eTech Surveyor Software and Conveyancing Data Services Property Data.

At the moment, the process of buying a home is quite tedious and lengthy. Several parties including lawyers and conveyancers have to do a lot of checking and vetting. This could involve authenticating documents between old and new owners, or several mortgage companies that the property has been handled by. On average, the entire process will last for three months before the conclusion. Because it is very important for all parties to share necessary data which usually takes a lot of time, NatWest and Coadjute hope to simplify the entire vetting process, by onboarding everything to a blockchain, with a view to reducing the process from three months to as quick as three weeks.

NatWest Director of Mortgage Innovation Dan Salmons has said that the move was to make things a lot easier for interested buyers:

“We are committed to finding innovations that make our customers’ lives easier, and know that the complexity of conveyancing is a key pain point for many. We believe the approach has the potential to be a real game-changer, not just for our customers but for the entire property market.”

Coadjute already had a trial for this process, which was hosted on Microsoft’s Azure and powered by R3’s Corda network, and has already begun onboarding several participants in the UK. Coadjute CEO and founder John Reynolds has said that the platform will have a considerable number of players in the sector, by the time it’s ready.

“Even at this stage, we have connected up 12% of the mortgage market, 1,000 estate agency brands, 4,000 conveyancers, and 80% of all property valuation instructions. With a pipeline of leading platform providers signed up and ready to onboard, we will have a significant percentage of the property industry on the platform when it goes live.”

Salmons has further explained that when it does go live, the process will be done via blockchain through an app. Expectedly, all parties to a purchase will be able to monitor the progress from start to finish, via the app.

It is also expected that the new method will streamline the process such that any unnecessary middlemen that clog up the current method, are completely cut out. This way, the entire thing is a lot faster, cheaper, with a higher level of privacy regarding data and information.

Tolu Ajiboye , 2019-11-29 13:29:18 ,

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While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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