The Dubai Land Department (DLD) has partnered with the UAE lender Mashreq Bank on a new Blockchain-based Mortgage system to speed up and fully automate the registration process.
DLD Director General Sultan Butti Bin Mejren announced this in a statement on Tuesday. He 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”
Recall that DLD last year launched the blockchain-based Real Estate Self Transaction porpularly called ‘REST’ system. This system was innovated to automate all Real Estate transactions and to eliminate paper transaction.
The Blockchain switch over of Dubai is part of the Dubai 10x initiative which aims to place the city 10 years ahead the rest of the world in all sectors and to diversify UAE from oil.
Blockchain Technology has seen a wave of adoption in many sectors and the Dubai implementation is just the latest. CoinTick previously reported that a South Korean bank has implemented the technology in its loan system. In the same week, Vodafone and Jio also announced an implementation of the technology.
Asked if this is a good pointer for the crypto world, a Crypto analyst responded
It most likely will be, looking at the fact that the first to implement the technology was Cryptocurrencies and that Blockchain has been glued to cryptocurrencies, if the Blockchain potential continues to spread and later became the future of technology, then two thing may happen: One is that Cryptocurrencies will be used to power those systems just like online currencies and payments came to replace hand to hand FIAT payment in the website age and this won’t affect FIAT currencies. Two is that Government may feel it is a new time to try a new technology and stop the movement of paper then converting all FIAT to cryptocurrency.