Sat 07-10-2017 20:42 PM
DUBAI, 7th October, 2017 (WAM) -- The Dubai Land Department, DLD, has reached another technical milestone by becoming the world’s first government entity to adopt blockchain technology, reflecting the ‘Dubai Blockchain Strategy’ launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of Dubai Foundation for the Future.
The initiative has been developed in co-operation with Smart Dubai and other partners. At GITEX Technology Week 2017, which will run from 8th to 12th October at the Dubai World Trade Centre, DLD will launch the first-of-its-kind initiative in the global real estate sector, under the slogan ‘Simple, Secure, Fast.’ DLD 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 and Water Authority, DEWA, the telecommunications system, and various property-related bills. Blockchain's secure electronic real-estate platform incorporates personal tenant database, including Emirates Identity Cards and the validity of residency visas. This allows tenants to make payments electronically without the need to write cheques or print any papers. 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.
Sultan Butti bin Mejren, Director-General of DLD, said, "Our adoption of this system is aligned with our commitment to responding to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, 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. This makes DLD the first government entity in the world to implement all of its transactions through the blockchain network.
"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."
Based on this initiative, DLD will be able to create a blockchain database for all Dubai properties, which will be available to DLD’s customers as well as all of its government and private sector partners. The technology will allow investors residing in Dubai and around the world to verify property data that is backed by timestamp signatures, enhancing the accuracy of data, the credibility of investment transactions, and the transparency and clarity of the market.
"This initiative is still in a stage of infancy. In the near future, we will see many partners joining blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations," Merjen added.