Dubai Government and UAE Bank Unveil Blockchain-Based Mortgage Platform

[Magician]

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, according to a report by The National on May 28.

According to the report, the blockchain-based platform will act as a repository for mortgage records, as well as a way to confirm that the mortgages comply with registration policies. Additionally, the platform will accommodate on-going updates that occur after a property sale, such as recording liquidation and payment defaults or changes to the mortgages.

The new blockchain platform is part of the DLD’s efforts to streamline 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 part of our ongoing efforts to enhance automation applications and systems in our transactions to reduce paper transactions and the number of visits.”

The DLD reportedly launched another blockchain-based system last year, the Real Estate Self Transaction system which is purportedly also designed to digitize documents for paper transactions and streamline the brokerage process, which includes connecting tenants and landlords to billers for utility services.

As previously reported by Cointelegraph, Smart Dubai, the technology arm of the government, publicly endorsed a blockchain platform released by telecoms company Du. The blockchain-platform-as-a-service (BPaas) reportedly supports cloud-based private blockchain hosting that is compatible with Ethereum and Hyperledger Fabric.

Source

[KarenButler]

This is a business that helps people find ways to buy houses. The company offers to help people solve financial problems they have by providing information and financial planning services through various strategies such as mortgage applications, homebuyer education, loan modification, foreclosure prevention, and more. They will work with clients in assisting them to get approved for a mortgage or help them set up an existing one.

[Azazin]

That's great! I guess people now will pay more attention to their mortgages and loans. The fact that two companies united to get better verification and greater stability make me think that people will start spending less money on auxiliary things and start taking their loans and mortgages seriously in order to not get in debt. People should not be scared though.