Dubai Government and UAE Bank Unveil Blockchain-Based Mortgage Platform
The Dubai Land Department has partnered with Mashreq Bank to release a blockchain-based platform for recording and updating mortgage transactions.
The Dubai Land Department (DLD), the real estate arm of the Executive Council of Dubai, has partnered with UAE-based Mashreq Bank to release a blockchain-based mortgage platform, according to a report by The National on May 28.
According to the report, the blockchain-based platform will act as a repository for mortgage records, as well as a way to confirm that the mortgages comply with registration policies. Additionally, the platform will accommodate on-going updates that occur after a property sale, such as recording liquidation and payment defaults or changes to the mortgages.
The new blockchain platform is part of the DLD’s efforts to streamline their services. As per the report, DLD Director General Sultan Butti Bin Mejren said:
“The development and launch of the new e-mortgage system comes as part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.”
The DLD reportedly launched another blockchain-based system last year, the Real Estate Self Transaction system which is purportedly also designed to digitize documents for paper transactions and streamline the brokerage process, which includes connecting tenants and landlords to billers for utility services.
As previously reported by Cointelegraph, Smart Dubai, the technology arm of the government, publicly endorsed a blockchain platform released by telecoms company Du. The blockchain-platform-as-a-service (BPaas) reportedly supports cloud-based private blockchain hosting that is compatible with Ethereum and Hyperledger Fabric.