Government entity says it is the world’s first to implement transactions through the blockchain network
The Dubai Land Department (DLD) has announced that it has rolled out a new blockchain-based system for its transactions. The initiative in is line with the ‘Dubai Blockchain Strategy’, which was 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.
The system was developed with Smart Dubai and several other partners and was unveiled at the ongoing GITEX Technology Week 2017. The DLD says its system is the first in the global real estate sector and was launched under the slogan of ‘Simple, Secure, Fast’.
“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,” said Sultan Butti bin Mejren, the director-general of DLD.
The blockchain system created by the DLD is based on a smart and secure database that records all real estate contracts, which includes lease registrations. The database is linked with the Dubai Electricity and Water Authority (DEWA), telecommunication system and other property-related billing entities. The electronic real-estate platform incorporates personal tenant database, including Emirates Identity Cards and the validity of residency visas.
The system allows tenants to make payments electronically without the need to write cheques or print documents. As per the DLD, the system allows end-users to make payments within a few minutes at any time and from anywhere 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,” concluded Mejren.