A market-wide infrastructure and intelligent backbone that connects systems and orchestrates the exchange of data throughout the property market. It harmonises the digital transaction, like a conductor getting the best performance from their orchestra, ensuring that every component of the transaction works in sync.
Let’s dive into exactly how orchestration connects the digitised patchwork of process together, the critical requirements to make it a reality, and Coadjute’s chapter in this story.
One platform for the whole property market
For a long time, the commonly held assumption has been that the only way to create a digital property market and get a single unified view of the property transaction was for everyone to use the same central platform, for example, a central government-mandated e-conveyancing platform.
This idea has been around for over 20 years now (see the 2002 Property Act), where all aspects of a transaction, from the provision of information to the registration of sales, would occur electronically in a central system. While there have been many attempts to build this, we find ourselves in 2024 and with no such centralised platform. The reality is that estate agents, brokers, conveyancers, lenders, and other property market businesses are very different and each requires software tailored to their specific needs, rather than adopting a single monolithic system
Orchestration: building true connections
Recognising that a centralised platform is not a realistic answer, we have seen an increase in advocation for a more collaborative model, where the constituent elements of the property transaction are connected and interoperable. This has recently gained more significant traction because the technology is now available to make it possible, with open APIs and Distributed Ledger Technology.
For a truly digital property market to flourish it doesn’t just need connection, it needs orchestration.
With its efficient coordination of the various