Dubai Government, UAE-Based Mashreq Bank to Develop New Blockchain e-Mortgage System
The real estate arm of the Executive Council of Dubai (Dubai Land Department), in a joint effort with the United Arab Emirates-based Mashreq Bank, has decided to announce the launch of a new blockchain-based mortgage platform.
According to the official information released by the company during the announcement, the new platform will be used as a repository for mortgage records. This way, people will be able to know easily whether they are fully compliant with the local rules or not.
Also, people will be able to use the platform in order to update the contract whenever a property sale happens and the payments in order to liquidate the debt are made.
The main reason for creating this platform now is to be able to streamline the services that are currently provided by the Dubai Land Department. The report cites the director of the department, General Sultan Butti Bin Mejren. According to the official, the new e-mortgage system is part of a larger effort to automate the systems of the department.
For instance, this will greatly reduce the paper transactions and how many visits are needed in order to finish transactions, which will bring a lot more efficiency to the whole system. This obviously will be important to cut costs as well, something that is clearly one of the goals of the project.
Dubai Is Using The Blockchain A Lot
This is far from the only initiative in Dubai that uses the blockchain technology in order to solve problems. These solutions are becoming increasingly popular in the country at the time. In fact, this is not even the only solution created by the Dubai Land Department.
Last year, the Dubai Land Department created another blockchain system. This one was used in order to designate and digitize documents that were originally only available on paper. Now, they are on the blockchain and will be used in order to streamline the whole process using the digitized papers, which include a lot of important information about the land and the tenants in the country.
The country has also started other projects and one of them is Smart Dubai, which was created by the technology arm of the government. This project is a blockchain as a service platform that uses a technology that is compatible with Ethereum and Hyperledger Fabric both.