Dubai's
land registrar has revealed it is developing a system that would seek to record
all local real estate contracts on a blockchain.
The
project, part of a sweeping plan to secure all government documents on a blockchain
by 2020, was announced this week by Dubai Land Department, the government
agency tasked with overseeing land purchases and approving real estate trades.
In
statements, the agency framed blockchain technology as a way to gain the
confidence of global real estate investors, and as a convenience for tenants,
whose leases would be recorded by the system.
Sultan
Butti bin Mejren, the land department's director general, said in a statement:
"Our aim is to unite all real estate and department services on a single platform. We hope to complete our project in the year 2019–2020."
In a press
release issued Saturday, the agency said, "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."
On the
leasing side, the department said, the platform will connect renters not only
to landlords, but also to other property-related billers, such as electrical,
water and telecommunications utilities.
The latter
will allow tenants "to make payments electronically without the need to
write cheques or print any paper … within a few minutes at any time and from
anywhere in the world."
Partnering
with the Dubai Land Department on the initiative are Asset Management Group,
one of the largest real estate developers in Dubai; Emirates NBD, one of the
region's largest banks; the furniture chain IKEA; and the Emirates Identity
Authority.
Dubai has
also explored the technology for airport security, trade finance and
immigration controls, working with IBM and rolling out the red carpet for
startups in a notable effort to become a blockchain innovation hub.
Source: Coindesk
Source: Coindesk
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