UAE’s banking firm Mashreq has teamed up with Dubai Land Department(DLD) to launch a new Blockchain Mortgage Platform. This development sources back to a local news source. The new system will be a repository for mortgage records. Also, it will check that the mortgages comply with registration policies. It will also record the updates that follow after the sale of a property. This includes info about liquidation, default payments, etc.

The Director General of DLD says the Blockchain Mortgage Platform will reduce the paperwork and increase the efficiency. People do not have to visit offices regularly to get things done. It’s worth mentioning that this is not DLD’s first attempt with blockchain. Earlier it had come up with Real Estate Self Transaction system. This platform digitizes all paperwork and streamlines the brokerage process.

Banks are gradually showing interest in blockchain and are experimenting with it. Recently, in a similar event, the Shinhan Bank of South Korea initiated a blockchain loan system.