Smart database to allow instant electronic real estate transactions
The Dubai Land Department (DLD) is to become the world’s first government entity to adopt blockchain technology.
The initiative, developed in co-operation with Smart Dubai under the slogan ‘Simple, Secure, Fast’ was announced ahead of GITEX Technology Week, which begins today.
DLD will use a blockchain system it has created to create a secure database that records all real estate contracts, including lease registrations, and links them with the Dubai Electricity and Water Authority, DEWA, the telecommunications system, and various property-related bills.
The platform also incorporates a tenant database, including Emirates Identity Cards and the validity of residency visas. This allows tenants to make electronic payments at any time and from anywhere in the world, eliminating the need to visit any government entity.
Sultan Butti bin Mejren, Director-General of DLD, said, “Our adoption of this system is aligned with our commitment to responding to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world.
“Following the launch of the Dubai Blockchain Strategy by H.H. Sheikh Hamdan bin Mohammed in October 2016, which aims to make Dubai the first government in the world to apply all transactions through this network by 2020, DLD created a smart and secure database that records all real estate contracts. This makes DLD the first government entity in the world to implement all of its transactions through the blockchain network.”
Bin Mejren also said the initiative will be followed by further efforts to utilise blockchain technology.
“In the near future, we will see many partners joining blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations,” Merjen added.
GITEX Technology Week runs from October 8-12 at Dubai World Trade Centre