The Dubai Land Department recently adopted a «blockchain» system to consolidate all types of real estate transactions and services into a single smart database, allowing parties to real estate transactions to complete them at any time and from anywhere in the world in a secure and easy manner, making the department the first government agency in the world to adopt this technology.
Sultan Butti bin Majran, Director General of the Dubai Land Department, that the successful adoption of this technology is in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the smartest city in the world, and reflects Dubai’s strategy for digital transactions «Blockchain,» which was launched last October by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of the Dubai Future Foundation, and is led by «Smart Dubai.»
Dubai Land Dubai Land to digitize all real estate ownership records within Dubai and create a blockchain database for Dubai real estate, making it accessible and usable by customers themselves, Dubai government agencies, and private companies.
The technology will enable investors residing in Dubai and around the world to to verify ownership data, as it is secured by a timestamp, ensuring the accuracy of their property data, guaranteeing the integrity of investment transactions, and establishing transparency and clarity in the market.
Bin Majran emphasized that "the role of blockchain technology lies in enabling Smart Dubai to achieve its digital economy goals while ensuring the highest levels of network security."
Regarding the ease of use of the technology, Bin Majran said that the nature of »blockchain” technology removes layers of complexity while enhancing security and mitigating the risks associated with digital certificates and certification authorities.
Smart Data
Bin Majran explained, "Following the announcement by His Highness Sheikh Hamdan bin Mohammed of the Dubai Digital Transactions (Blockchain) Strategy in October 2016, Dubai Land Authority personnel began creating a smart and secure database that compiles all real estate contracts, paving the way for their completion via the "Blockchain" network. In the first phase, this network will be available to tenants and landlords, and will expand to include all parties in the real estate market by 2020.
The result of a partnership
Bin Majran noted that this technology makes people’s lives easier because it allows them to complete all real estate transactions through a single system at any time and from anywhere in the world. We are currently working with the Dubai Smart City Office, aiming to bring happiness to customers by providing secure solutions that save time, effort, and money. This step is one of the key initiatives to elevate Dubai’s standing, so that it ranks first globally on the list of smart cities."
Phase 1
Bin Majran said on the sidelines of the initiative’s launch during the Department’s participation in "GITEX Technology Week 2017," under the slogan "Ease… Paperless… Secure," that "this step is still in its early stages," but he promised « that the near future will see many partners join the blockchain platform established by the Department, thereby enabling real estate professionals and clients to benefit from a wide range of services related to all real estate transactions in the sales and rental markets, as well as financial and banking services, as well as facility management, maintenance, electricity, water, telecommunications, housing, and everything else related to the sale or purchase of real estate and its uses. He noted that the secure electronic real estate »Blockchain« platform integrates tenants» personal databases, including their Emirates ID and residency status, enabling them to pay outstanding amounts via electronic check, without having to write any checks or even print any paperwork. He explained that the entire process is conducted electronically, within a few minutes, from anywhere in the world, and eliminates the need for users to visit any government department.
Secure
Bin Majran emphasized that the department will utilize the system to create a smart and secure database that compiles all real estate contracts, including the registration of lease agreements, and linking them with the Dubai Electricity and Water Authority, as well as the telecommunications system and various property-related bills. He noted that blockchain services are currently available only to landlords and tenants, but future phases will include developers and investors, with the ability to list properties for sale.
