While blockchain technology is slowly making its way into the U.S. mortgage industry, it has already taken root and blossomed in the United Arab Emirates (UAE).
According to a report in the UAE publication The National
, Dubai Land Department (DLD) and UAE lender Mashreq Bank have launched a blockchain-based electronic mortgage system designed to increase the speed of the home loan registration process. This is the latest effort by Dubai government’s real estate department to adopt blockchain, following last year’s launch of a blockchain-based Real Estate Self Transaction (REST) that was designed to transfer the management of real estate transaction from paper to digital management. These efforts are part of the Dubai 10x initiative, a wider enterprise to advance the UAE’s digital economy.
DLD added that it plans to expand the blockchain program with other UAE-based banks.
“Applying the e-mortgage system requires synergy with leading UAE banks [helps] to spread its benefits to the largest number of investors,” said Majid Saqer Al Marri, chief executive of registration and real estate services at DLD. “We will continue to seek the best partners to ensure the comfort and happiness of our customers, as well as develop the system and support it with the latest technologies to keep pace with developments in real estate services.”