A blockchain-backed mortgage platform will be developed by the Dubai Land Department (DLD) in partnership with Mashreq Bank (based in UAE), noted The National in a report published on 28 May 2019. The DLD is the real estate arm of the Executive Council of the Arab emirate.
As per the report, the blockchain platform will make sure that the mortgages comply with registration policies and other parts of the law that are vulnerable to being ignored or bypassed in the process. On the other hand, it will also serve as a repository for mortgage records. In addition, ongoing updates such as recording payment defaults, liquidation or changes to the mortgages happening after a property sale will be accommodated by the blockchain-based platform.
The said platform has been regarded as a part of DLD’s initiative to streamline its services. According to Sultan Butti Bin Mejren, Director General DLD, this new initiative should be regarded as a part of its ongoing efforts to reduced paper transitions and the number of visits by enhancing automation in applications and systems.
Last year, another platform named as the Real Estate Self Transaction system was also launched by DLD, aiming at digitizing documents for paper transactions and improving the brokerage process.
Previously, it was reported that a blockchain platform supporting cloud-based private blockchain hosting, compatible with Hyperledger Fabric and Ethereum, was publically endorsed by Smart Dubai (technology arm of Dubai’s government). The platform named as BPaas was developed by telecom company Du.
With these moves, Dubai is gearing up to become one of the world’s most progressive countries when it comes to blockchain adoption by the government and private sector alike.
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