Dubai: The Dubai Land Department (DLD) has achieved another technical milestone by becoming the world’s first government entity to adopt Blockchain technology.
The 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.
The initiative has been developed in cooperation with Smart Dubai and other partners.
At Gitex Technology Week 2017, which runs from 8 to 12 October at the Dubai World Trade Center (DWTC), DLD will launch the initiative, the first-of-its-kind in the global real estate sector, under the slogan “Simple, Secure, Fast”.
DLD has created the Blockchain system using a smart and secure database that records all real estate contracts — including lease registrations, and links them with the Dubai Electricity & Water Authority (DEWA), the telecommunications system, and various property-related bills.
Blockchain’s secure, electronic real estate platform incorporates 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.
The entire process can be completed electronically within a few minutes at any time and from anywhere in the world, removing the need to visit any government entity.
Sultan Butti bin Mejren, Director General of DLD, commented: “Our adoption of this system is aligned with our commitment to responding to the directives of His Highness Shaikh Mohammad 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.”
Bin Mejren added: “Following the launch of the Dubai Blockchain Strategy by Shaikh Hamdan Bin Mohammad in October 2016, which aims to make Dubai the first government in the world to apply all transactions through this network by 2020, DLD created a smart and secure database that records all real estate contracts.
“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.”
In order to promote 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.
Dr. Aisha bint Butti bin Bishr, Director General of Smart Dubai Office, said: “In Dubai, we make the future based on the inspirational words of our leadership, which epitomise the Emirati equation for building a better future for Dubai and the whole country.
“This underpins our launch of a Blockchain system while the rest of the world is still testing this technology. I congratulate DLD for taking the lead in this initiative and moving us one step closer toward achieving the ultimate goal of the Dubai Blockchain Strategy launched last year by Shaikh Hamdan Bin Mohammad, which is to transform Dubai into the first government in the world to undertake all transactions through the Blockchain network by 2020.” said Dr Aisha.
While the first phase of the initiative is limited to Wasl Asset Management Group, DLD will open the door for other property development and management companies to include their properties in the system, allowing a wider number of customers to benefit from the Blockchain database.
The Department of Economic Development (DED) will enter the database during the second phase.
Blockchain’s services are currently available only to landlords and tenants, but the next stages will include developers and investors, with the potential to offer properties for sale. firstname.lastname@example.org