Dubai Land Department Creates Blockchain Real Estate Platformbr>
The Dubai Land Department (DLD) has created a new blockchain database system allowing tenants to rent a property without handing over checks or physical documentation.
The initiative, developed in cooperation with the Smart Dubai initiative under the slogan “Simple, Secure, Fast.” was announced ahead of GITEX Technology Week, which is running from October 8 to October 12 at the Dubai World Trade Center.
The government entity has created the blockchain system using a smart and secure database that records all real estate contracts, including lease registrations, and links them with the Dubai Electricity & Water Authority (DEWA), the telecommunications system, and various property related bills.
The blockchain real estate platform incorporates personal tenant databases, including Emirates Identity Cards and the validity of residency visas. The platform allows tenants to make payments electronically without the need to write checks or physical documentation. The entire process can be completed within a few minutes at any time and from anywhere in the world, eliminating the need to visit any government entity.
DLD Director-General Sultan Butti bin Mejren said their adoption of this system is aligned with their commitment 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,” said Mejren. “This makes DLD the first government entity in the world to implement all of its transactions through the blockchain network.”
Mejren also said the initiative will be followed by further efforts to utilize blockchain technology.
“This initiative is still in a stage of infancy,” said Mejren. “In the near future, we will see many partners joining blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations. Our aim is to unite all real estate and department services on a single platform. We hope to complete our project in the year 2019-2020 and we are keen to attract parties from the private sector, particularly those that are already partners or currently work with Dubai governmental institutions.”