The government of Dubai has signed an agreement on the introduction of blockchain in real estate
Dubai land resources Department (DLD) and Etisalat telecommunications company have signed a Memorandum of understanding on the implementation of blockchain in real estate.
According to Gulf Today, DLD works with the Executive Council of Dubai in the field of services related to real estate, while Etisalat is a multinational company that serves 15 countries in the middle East, Asia and Africa. Both parties stated that they are seeking to implement reasonable government standards and digital contracts for real estate transactions.
Director General of the DLD Sultan Buti Bin Mejren (Sultan Butti Bin Mejren) said that the agreement is part of a desire to make Dubai “the smartest city in the world.” Gulf Today notes that the purpose of the Memorandum is to improve the registration and verification processes, accelerate transactions and ensure the security of all parties involved.
Back in 2017, it was reported that the Department of land resources of Dubai claims the right to “become the world’s first government Agency using blockchain technology.” Then Dubai planned to put the entire register of real estate objects in the blockchain.
Recently, the government of Dubai and Mashreq Bank introduced a blockchain-based mortgage platform. In April, it was reported that the government organization responsible for the transformation of state-level services using breakthrough smart Dubai technologies approved the blockchain platform of the local communication operator Du.
Last autumn, the American Corporation IBM announced the launch of the blockchain platform in partnership with the government of Dubai.