Blockchain Technology To Soon Safeguard Dubai’s Real Estate
Dubai Land Department is working on a blockchain-based project to record all the real estate transactions taking place in the city. This initiative is a part of the programme wherein the authority has planned to secure all its records in online form, by 2020.
The department believes that blockchain technology would further enhance credibility and boosts the confidence of global real estate investors in the Dubai market. Nevertheless, it will be a convenience for property owners, landlords and tenants whose transactions would be recorded under the blockchain system. This will also enable them to keep a check on frauds and any sort of discrepancies within the property market.
The project which is to be completed by 2019-2020 aims to unite all the real estate services and the concerned departments on a single platform. The technology would enable investors across Dubai and the world to verify the necessary details of the properties that have been secured by timestamp signatures. This will enable more transparency, clarity and credibility in the property investment market.
The platform will also connect potential tenants to landlords as well as utility service providers such as water, electricity and telecommunication services. This will further enable tenants to make electronic payments without depending on cheques or printing any kinds of paper documents, from any part of the world.
This is one of the recent initiatives keeping in line with Dubai’s efforts to become a blockchain technology innovation hub. Previously, Dubai has explored such initiatives in trade finance, airport security, immigration controls with IBM and enabling start-ups in the sphere of blockchain.
This initiative has been launched by partnering with real estate developers such as Asset Management Group which is one of the largest real estate developers in Dubai, furniture chain IKEA, Emirates NBD and Emirates Identity Authority.