The Dubai Land Department boasts that it is now on track to become the first government in the world to make the most of Blockchain technology. This first-adopter of blockchain technology in the global real estate environment, the Dubai Land Department – is the section of the government responsible for organizing and managing real estate in the emirate. It is now pioneering and implementing transactions through blockchain technology.
If the Blockchain development goes according to the plan, then Dubai properties across the globe will start to be recorded on blockchain tech over the next three years. An official announcement from the media office for the Dubai government noted that the DLD has developed a secure blockchain system that records real estate contracts, including the latest registrations on leases. The information also synchronizes with the Dubai authority for water and electricity, as well as telecommunication systems.
Living Life on the Blockchain
The secure digital nature of the Blockchain allows the Dubai Land Department to store important information about tenancies and real estate. For instance, personal tenant information can be recorded, including identity cards and residency visas. Even more importantly, the system ensures that people can make payments for their properties online without having to use any printed papers or cheques. The entire process can be completed electronically from any location in the world in only minutes.
The blockchain technology to be deployed by the DLD has been developed by the Emirates Real Estate Solutions department or ERES. This technical arm of the DLD has worked alongside a range of partners to achieve the best results, including the DEWA and the Emirates Identity Authority. Even the Emirates National Bank became involved in the process.
The Dubai Blockchain Strategy
It seems that the latest real estate initiative is a part of the Emirates wider focus on a full Blockchain strategy for Dubai, which hopes to record and process all of the transactions and documents present in the area by 2020. The mandate was recently announced by the crown prince of Dubai, Hamdan bin Mohammed in October of 2016. The prince has also stated that he will force to fully adopt Bitcoin payments and transactions in Dubai banking system.
The solution should give the DLD the resources that it needs to create a Blockchain for all the real estate in Dubai, which should be available to DLD customers, the private sector, and government. The tech should mean that investors in Dubai and across the globe can verify the data that is backed by timestamp signatures. This improves the accuracy of data and the credibility of transactions.
Admittedly the initiative is still relatively new. Yet Dubai hopes that they will soon start to see new partners joining in with the Blockchain strategy to improve client operations and services in such areas as mortgages, banking, IRA rollover investments and utility operations.
Elsewhere, Dubai is focusing on becoming the first Blockchain in the region by designing new airport solutions, city-wide payment systems, and even an official state cryptocurrency too. Japan may also be thinking about placing its property registry on a Blockchain by unifying various land registries across a number of different areas. This could be completed by the year 2023.