Sunday, October 8, 2017

Dubai Land Department switches to blockchain tech

Dubai Land Department (DLD) said it has reached another technical milestone by becoming the world’s first government entity to implement all of its transactions through the blockchain network.

This is in line with the ‘Dubai Blockchain Strategy’ launched by 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, said a statement from DLD.

The initiative, 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 is launching the first-of-its-kind initiative in the global real estate sector, under the slogan ‘Simple, Secure, Fast’ at the Gitex Technology Week 2017 which kicked off in Dubai today (October 8).

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 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, it stated.

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, it added.

Sultan Butti bin Mejren, the director-general of DLD, said: "Our adoption of this system is aligned with our commitment to responding to the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world."

"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," he added.-TradeArabia News Service

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