Dubai Land Department Collaborates with UAE Bank on Blockchain Platform for Mortgage Records

Asia Blockchain Review
June 9, 2019

The Dubai Land Department (DLD) has partnered with Mashreq Bank, based in the United Arab Emirates (UAE), to launch a blockchain-based mortgage platform.

As reported by Cointelegraph, the new platform will serve as a repository for mortgage records, as well as a way to ensure compliance with registration policies. It will also accommodate continuous updates occurring after a property sale, including records of liquidation and payment defaults or changes to mortgages.

Enhancing Applications and Systems to Streamline Services

The blockchain platform is part of efforts by the DLD, the real estate arm of the Executive Council of Dubai, to streamline their services. This is achieved by enhancing automation applications and systems in order to “reduce paper transactions and the number of visits,” according to DLD Director General Sultan Butti Bin Mejren.

The department was reported to have launched another blockchain-based system in 2018, known as the Real Estate Self Transaction (REST) system, which was designed to record real estate contracts, secure financial transactions, and connect tenants and landowners with property-related billers, including electrical and telecommunications utilities.

The DLD said the initiative served as a desirable model of the nation’s blockchain strategy to consolidate government services on a single platform.

Facilitating Digital Implementation and Blockchain Research

The government’s tech arm, Smart Dubai, is meanwhile responsible for facilitating digital implementation in the city while conducting research to determine which services can benefit from blockchain adoption.

Smart Dubai had previously endorsed a blockchain platform released by telecoms firm Du. The blockchain-platform-as-a-service (BPaas) is purportedly supporting cloud-based private blockchain hosting compatible with Ethereum and Hyperledger Fabric.


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain: Fine-tuning the Music Industry
Music might be in need of another tech disruption in the form of blockchain.

July 17, 2019

Graph Blockchain Secures Contract with South Korean Transport Ministry
The pilot project is for storing traffic data on a blockchain network as part of the Smart City nati...

July 13, 2019

Hong Kong, a Great Place for Blockchain Startups
It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region ...

July 12, 2019

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us