The Dubai Land Department (DLD) has partnered with Emirati lender Mashreq Bank to launch a new blockchain based mortgage platform as first reported by
The National. As with most land registries around the world, mortgages are registered as a claim against properties. Until now, that often involved visiting Dubai Land Department offices in person and providing paperwork.
The platform, developed by the DLD and known as the ‘e-mortgage system’, will act as a repository for the mortgage records of Mashreq’s clients and in future others. In this way, the DLD can also easily check whether the contracts are regulatory compliant. The new system is part of the bigger vision for the
Dubai Real Estate Blockchain.
Furthermore, the mortgage registration platform and client will be linked in such a way that any changes to their mortgage status, such as in a sale or liquidation, will be reflected on the platform.
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