The Dubai Land Department (DLD), the real estate arm of the executive Council of Dubai, has partnered with UAE-based Mashreq Bank to release a blockchain-based mortgage platform, as per a report by The National on May 28.

According to the report, the blockchain-based platform can act as a repository for mortgage records, still as the way to verify that the mortgages suits registration policies. in addition, the platform can accommodate on-going updates that occur once a property sale, like recording liquidation and payment defaults or changes to the mortgages.

The new blockchain platform is a component of the DLD’s efforts to contour their services. As per the report, DLD Director General sultan Butti Bin Mejren said:

“The development and launch of the new e-mortgage system comes as a part of our current efforts to boost automation applications and systems in our transactions to cut back paper transactions and therefore the variety of visits.”

The DLD reportedly launched another blockchain-based system last year, the real Estate Self dealings system that is supposedly conjointly designed to alter documents for paper transactions and contour the brokerage method, which has connecting tenants and landlords to billers for utility services.

As antecedently reported by Top Market Group, smart Dubai, the technology arm of the govt., in public supported a blockchain platform discharged by telecoms company Du. The blockchain-platform-as-a-service (BPaas) reportedly supports cloud-based personal blockchain hosting that's compatible with Ethereum and Hyperledger fabric.

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