Dubai government and UAE bank have introduced a blockchain based mortgage platform
|- Dubai Land Department will be introducing a blockchain solution for the housing market with a UAE bank.
- It will be a new efficient e-mortgage system for further assisting with processes around a property sale.
Dubai government owned Dubai Land Department (DLD), which is a real estate arm of the Executive Council of Dubai, announced a partnership with UAE-based Mashreq Bank to for the release of a blockchain-based mortgage platform.
The report by local press, The National, detailed that the blockchain-based platform will be acting as a repository for mortgage records. It will also serve as a method to confirm that the mortgages comply with registration policies.
Details of the processes following the property sale will also be provided in update form. The 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.”
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