UAE-based Mashreq Bank partners with the Dubai Land Department (DLD), the real estate arm of the Executive Council of Dubai in order to release a blockchain-based mortgage platform, as reported by The National on May 28.

As per the report, the blockchain-based platform will be a depository for mortgage records and will also act as a way to confirm that the mortgages are in line with registration policies. The platform will also accommodate on-going updates following a property sale, such as recording liquidation and payment defaults or changes to the mortgages.

Reportedly, the platform will act as a key element of DLD’s efforts to streamline their services. The publishing quotes DLD Director General Sultan Butti Bin Mejren:

“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.”

Last year, the DLD incorporated another blockchain-based system dubbed as the Real Estate Self Transaction system. The system is designed to digitize documents for paper transactions and to streamline the brokerage process such as connecting tenants and landlords to billers for utility services.