Dubai burst onto the world stage through it’s natural resources and ventures in real estate. But more recently, the towering city has diversified its assets in a bid to maintain this pace and future-proof its economy.
One of these new drives is technology and in a bid to encourage more property development, the Dubai Land Department (DLD) has announced that it will adopt blockchain technology to process future transactions.
The move forms a part of Smart Dubai’s Dubai Blockchain Strategy, launched in last December by Crown Prince of Dubai Sheikh Hamdan. This is an initiative that explores how blockchain can be practically integrated into the city’s infrastructure. The drive will eventually see a blockchain database of all official transactions by 2021. The hope is to provide government investments with more security.
The DLD which covers real estate in the city, claims that the blockchain system will smooth the process of buying and developing land by linking customers with utilities, and allowing payments to be made electronically from anywhere in the world. According to the DLD, lengthy paper trails will also be swapped for immediate data on the state and value of prospective land. Real estate developer wasl Management Group is the first firm to embrace the initiative, and is planning to renew future tenant contracts via the system.
Sultan Butti bin Mejren, Director General of DLD, stated that innovative fintech will help secure Dubai’s future as one of the world’s leading cities. His Excellency said: “As the system simplifies people’s lives by using an integrated system, we are working directly with Smart Dubai to provide our customers with utmost satisfaction and avoid wasting their valuable time. This is a major step toward cementing Dubai’s position as the world’s smartest city, expanding our online partnerships with all government entities and real estate parties that our customers need to complete their transactions.”
Wesam Lootah, CEO of Smart Dubai Government (SDG), said: “Dubai has committed itself to minimising the time needed to complete transactions, and DLD has furthered this mission by introducing its blockchain system. It has not been long since we launched the blockchain initiative in government transactions and formed the government team to work under the leadership of SDG in March. This would not have been possible without the cooperation of our partners in both governmental and private institutions in Dubai.”