Resicom – Holiday Investment – 04-21 – LB

DLD Makes Dubai World’s First Real Estate Smart City

The Dubai Land Department (DLD) has become the world’s first government entity to adopt Blockchain technology.

The secure blockchain system created by the DLD will record all real estate contracts, including lease registrations, and link them with the Dubai Electricity & Water Authority (DEWA), the telecommunications system, and various property-related bills.

It will incorporate personal tenant databases, including Emirates Identity Cards and the validity of residency visas, and allows tenants to make payments electronically without the need to write cheques or print any papers.

Furthermore, the entire process can be completed electronically within a few minutes, 24 hours a day, and from anywhere in the world, removing the need to visit any government entity.

The initiative by the DLD comes in line with the ‘Dubai Blockchain Strategy’ launched by Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of Dubai Foundation for the Future.

Sultan Butti bin Mejren, Director General of the DLD, commented: ‘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.’

To ensure promotion of public-private partnerships, DLD has collaborated with a number of key partners in this initiative, including DEWA; wasl Asset Management Group, one of the largest real estate developers in Dubai; Emirates NBD, the banking partner for the initiative; and IKEA.

All existing and future partners will be included in the system’s database to provide access to detailed information and ensure customer convenience.

With this new 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.

The smart and secure database that records all real estate contracts is just one step in the strategy of the Dubai government to become the first government in the world to apply all transactions through this type of blockchain network by 2020.

The system from the DLD is expected to make property investment by Dubai nationals and overseas property investors clearer and more secure.

Be the first to comment on "DLD Makes Dubai World’s First Real Estate Smart City"

Leave a comment

Your email address will not be published.