Dubai regulators have surprised the entire world by revealing their intention to use blockchain as part of a system that would seek to record all local real estate contracts in each of the city centers that make up the city.
The government agency responsible for supervising land purchases and approving real estate operations is known as the Dubai Land Department and is the lead developer of the project. This initiative will be focused on building an innovative and efficient business model; The project, part of a comprehensive plan to secure all government blockchain transactions by 2020, as announced this week by the authorities.
In statements, the agency framed blockchain technology as a way to gain the confidence of global real estate investors, and as a convenience to tenants, whose rents would be recorded by the system.
Sultan Butti bin Mejren, general director of the land department, said in a statement to the press:
"Our goal is to unite all real estate and departmental services in a single platform and we hope to complete our project in the year 2019-2020."
Dubai is increasingly developing as one of the major global real estate markets; even has a great investment in technological infrastructure. This project joins other initiatives within the region to use bitcoin and blockchain as financial alternatives. In a press release issued on Saturday by Dubai regulators, the media were told that: "The technology will allow investors residing in Dubai and around the world to verify ownership data backed by Dubai-based time, improve the accuracy of data, the credibility of investment transactions and the transparency and clarity of the market. "
As for leasing, the department said the platform will connect tenants not only with owners, but also with other factors related to property, such as electricity, water and telecommunications services.
The latter will allow tenants to "make payments electronically without having to write checks or print any paper in a few minutes at any time and from anywhere in the world."
Many international consortiums have partnered with Dubai Land Department to develop this initiative and use blockchain in order to develop the growing cryptocurrency market in the development of the real estate market. in this association we could mention Asset Management Group, one of the biggest real estate developers in Dubai; Emirates NBD, one of the largest banks in the region; IKEA furniture chain; and the Emirates Identity Authority.
Dubai has also explored technology for airport security, commercial finance and immigration controls, working with IBM and developing the red carpet for startups in a remarkable effort to become a hub of innovation for blockchain and all technology associated with the cryptocurrencies.
