According to a UAE based news outlet, the Gulf Today, the Dubai Real Estate sector is slated for a major shakeup following the signing of a deal between a local telecom’s giant- Etisalat- and the Dubai Land Department (DLD).
The two sides have signed a memorandum of understanding to implement a Blockchain project for the real estate sector in the resource-rich emirate. The local market is best known for its iconic real estate masterpieces such as the Burj Al Arab Jumeirah, the Burj Khalifa, to name just but a few.
DLD Is A Government Agency
The DLD is an agency under the management of the Executive Council of Dubai. The body is mandated to deal with real estate-related solutions in the country.
On the other hand, Etisalat is a multinational Telecommunications giant that is based in the UAE. The company has a presence in 15 countries in Asia, Africa, and the Middle East.
The Aim Of The Project
The Dubai Lands Department is looking to modernize its system to proffer paperless management of its transactions. The Blockchain platform that Etisalat is making will have smart government standards that will improve registration and verification processes. This solution that the project is offering will therefore not only speed up transactions but ensure that there is compliance as well as efficiency, ease, convenience, and speed digital contracts for property transactions.
Additionally, the DLD director general, Sultan Butti Bin Mejren, while speaking about the upcoming Blockchain project revealed that the mission of the project is to transform Dubai from what it is today to the “the smartest city” the world has ever seen.
Further, the Blockchain project is set to make real estate transactions in Dubai safer and more trustworthy in order to grow the industry and make Dubai a premier property investment destination.
Is Blockchain Technology Gaining Acceptance In Government
Blockchain technology is about 10 years old since it was first introduced by the famous Satoshi Nakamoto’s whitepaper that explains the concept of Bitcoin.
The concept of Decentralized Ledgers was inspired by the need to create an independent financial system that is peer to peer-based, open source, trustworthy, and immutable.
Over the years, Blockchain technology has been steadily winning the trust of private institutions and because of its key benefits such as data security, privacy, cross border capacity, and scalability.
Although governments have only started to show interest in the technology later than enterprises, it is encouraging for the Bitcoin community to note that governments agencies such as the DLD of Dubai are adopting the cutting-edge technology.
Real Estate Transactions Is One Of The Use Cases Of DLT
On May, the Enterprise Ethereum Alliance (EEA), published a paper that detailed how Blockchain can be designed for the real estate industry. The report explained how Distributed Ledgers can ease property transfer transactions, increase transparency in property investments, and make land registries trustworthy.
In another case of adoption, the Royal Bank of Scotland and Barclays supported a Blockchain trial that aims at streamlining real estate investments in Britain.