Online Execution and Blockchain – 2021
The Network agency was instructed to market a highly complicated property in the Fulham area of London. Appointed by Quantuma Advisory as Fixed Charge Receivers, key to the appointment was the ability to deliver speed and certainty, along with an audit trail to ensure the mortgagor, Redwood Bank, could demonstrate the sale process to the borrower.
The property was offered for sale at an asking price of £815,000. In response to the significant interest generated from the marketing campaign, it was decided to conclude the sale process by a clicktopurchase® “Best Offers”. Six interested parties cleared the verification process and submitted legal offers to treat by the deadline, offers being digitally signed online, encrypted, hashed and recorded in blockchain. The highest offer was accepted resulting in an instant online legal commitment being formed.
The market process generated an audit trail to prove the depth of marketing and interaction with interested parties. The clicktopurchase® execution platform created an electronic audit trail of the tender process. Blockchain recorded the entire execution audit trail in an immutable database.
The property was sold in excess of £1m. Unrivalled certainty, trust, transparency and accountability was delivered by our unique technology.