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.
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.
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.
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