The Department of Land and Property in Dubai recently adopted the blockchain system to collect transactions and real estate services of all types in a single smart database that allows real estate transaction parties to complete them anytime and from anywhere in the world in a secure and easy manner, thus becoming the first government entity to adopt this technology worldwide.<\/p>\n
The Director General of the Department of Land and Property in Dubai, Sultan Butti bin Mejren, says that the success of the adoption of this technology comes in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Deputy Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world and to translate the Dubai Strategy for Digital Transactions (Blockchain), launched 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, last October, and led by \u00abDubai Smart\u00bb.<\/p>\n
Arada Dubai will be able to convert the ownership of real estate within Dubai as a whole, and create a blockchain database for Dubai real estate that will be accessible and usable by the operators themselves and the government departments in Dubai, as well as private companies.<\/p>\n
The technology will allow investors residing in Dubai and around the world to verify ownership data, as it is enhanced with timestamping, ensuring accuracy in their property data, guaranteeing reliability in investment transactions, and reinforcing transparency and clarity in the market.<\/p>\n
Ben Mageren emphasized that \u00abthe role of blockchain technology lies in enabling the smart city of Dubai to achieve its goals of the digital economy while ensuring the highest level of network security.\u00ab.<\/p>\n
Regarding the ease of handling through technology, Ben Mageren said that the simple and effective nature of blockchain technology removes layers of complexity while supporting the security element and mitigating the risks associated with digital certificates and authentication authorities.<\/p>\n
Smart data<\/strong><\/p>\n Ben Majr\u0101n explained that the announcement by His Highness Sheikh Hamdan bin Mohammed in October 2016 of Dubai\u2019s strategy for digital transactions (blockchain) initiated Kowsar (Arada Dubai) to create a smart and secure database that collects all real estate contracts, in preparation for completing it through the blockchain network, which will be available to tenants and landlords in the first phase to cover all parties in the real estate market by 2020.<\/p>\n The fruit of a partnership<\/strong><\/p>\n Ben Maghran pointed out that this technology makes people's lives easier because it allows them to complete all real estate transactions through a single system, anytime and anywhere in the world. We are currently working with the Dubai Smart City Office, aiming to provide happiness to our customers by providing secure solutions that save time, effort, and money. This step is one of the advanced steps to elevate Dubai's position, making it the number one smart city in the world.\u00bb.<\/p>\n Phase 1<\/strong><\/p>\n Ben Maghran said on the sidelines of the launch of the initiative during the department\u2019s participation in the \u00abGITEX Technology Week 2017,\u00bb under the slogan \u00abEase\u2026 No Papers\u2026 Security,\u00bb that \u00abThis step is still in its early stages,\u00ab but he promised that \u00abin the near future, many partners will join the blockchain platform established by the department, thereby benefiting the employees and those who deal with the real estate market by providing a wide range of services related to all real estate transactions in the sale, rental, financial and banking sectors, facility management and maintenance, electricity, water, communication, accommodation, and everything related to the sale or purchase of real estate and its uses. He pointed out that the secure real estate blockchain platform works to include the personal data of the tenant, including the UAE ID and the residence permit, whereby they will be able to pay the due amounts via an electronic check, without the need to write any checks, or even print any documents. He explained that the entire process is carried out electronically within a few minutes, from anywhere around the world, and the user will not have to visit any government department.<\/p>\n Safe<\/strong><\/p>\n Ben Magrern emphasized that the department will benefit from the system, to create a smart and secure database that gathers all real estate contracts, including registering rental contracts and linking them with the Dubai Electricity and Water Authority (DEWA), reaching the communication system and various property-related bills. He noted that the services of the blockchain platform are currently available only to tenants and landlords, but future phases will include developers and investors, with the possibility of displaying properties for sale.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 3<\/span> Minutes<\/span><\/span>The Dubai Land Department (DLD) has recently adopted a blockchain system to collect real estate transactions and services of all kinds in a single smart database that allows the parties to the real estate transaction to accomplish it at any time and from anywhere in the world in a safe and easy framework, making DLD the first government entity to adopt this technology in the world. The Director General of the Land Department ... 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