Azizi Development and Imkan Real Estate topped the list of major supporters in the real estate sector who highlighted Dubai’s blockchain strategy as a revolutionary initiative, just as the countdown began for the launch of City SkyGlobal, which kicks off on October 2, emphasizing the significant role the technology will play in driving the real estate sector forward.

The Dubai Land Department has taken decisive steps to implement a blockchain network capable of integrating with all digital and manual processes in the real estate sector—a move that has been welcomed by real estate developers.  By providing a shared network among all stakeholders, the Dubai Land Department aims to eliminate paper-based transactions and introduce digital contracts to improve, secure, and streamline real estate transactions.

Dubai’s campaign to make the city a hub for blockchain—and the significant role of technology in bringing about a paradigm shift in the UAE real estate sector—has garnered the support of major real estate developers, who are currently working on more than 200 projects in various stages of development.

On this occasion, Tom Rhodes, Director of Cityscape Global, said: “There is no doubt that blockchain is one of the most influential technologies in the real estate sector. This new technology will usher in an era of ’smart contracts‘ due to its ability to create, authenticate, and verify contracts instantly, anywhere in the world.”

He added: “We are seeing an increase in local developers who are thinking creatively and strategically to make the most of this new technology, and there is no doubt that the spread and growth of this trend is the result of the Dubai government’s relentless efforts to integrate technology into its services and the fact that the market is in a relatively mature stage.”