100%: Dubai Will Put Entire Land Registry on a Blockchain

By -
The Dubai Land Department (DLD) has laid claim to “becoming the world’s first government entity to adopt Blockchain technology.”

In a first-of-its-kind in the global real estate sector, the Dubai Land Department – the government arm responsible for the registration and organization of real estate in the emirate – is now processing and implementing all transactions on a blockchain. The ultimate goal will see all Dubai properties recorded on a blockchain within 2-3 years.


An announcement by the Dubai government’s media office read:

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.

The blockchain is developed the Emirates Real Estate Solutions (ERES), the DLD’s technical arm, in collaboration with a number of other partners including the Emirates Identity Authority, DEWA, wasl Asset Management Group – one of Dubai’s largest real estate developers and Emirates NBD, the emirate’s largest bank.
The initiative is a part of the emirate’s wider ‘Dubai Blockchain Strategy’, which aims to record and process 100% of all documents and transactions on a blockchain by the year 2020. The sweeping blockchain mandate was announced by Hamdan bin Mohammed, the crown prince of Dubai, in October 2016.

‘Based on this initiative, DLD will be able to create a Blockchain database for all Dubai properties, which will be available to DLD’s customers as well as all of its government and private sector partners,’ the announcement added. ‘The technology will allow investors residing in Dubai and around the world to verify property data that is backed by timestamp signatures, enhancing the accuracy of data, the credibility of investment transactions, and the transparency and clarity of the market.’

DLD director general Butti bin Mejren added:
This initiative is still in a stage of infancy. In the near future, we will see many partners joining [the] Blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations…Our aim is to unite all real estate and department services on a single platform.

Dubai’s dogged drive in becoming the world’s first blockchain city is gathering pace with everything from its airport, to a citywide payments system and even an official state cryptocurrency powered by blockchain technology.
Elsewhere, Japan could also place its entire property registry on a blockchain by unifying all property and land registries across urban, farmland and forested areas – including some 230 million plots and 50 million buildings – by the year 2023. An urban trail in select cities will begin in summer 2018.


edinarcoin.com
#blockchain #cryptocurrency #EdinarCoin #business #investment

Comments

Post a Comment

Disclaimer: Opinions expressed in comments are those of the comment writers alone and does not reflect or represent the views of ChangeAgent Property

Popular posts from this blog

HOW TO MAKE ₦10,000,000 IN REAL ESTATE INVESTMENT IN LAGOS NIGERIA

By -
Image
If there is any business in Nigeria that is truly lucrative to the highest profitability, it has to be Real Estate investments. Most of the top billionaire in Nigeria are real estate investors. It is a money spinner of the highest order. Real Estate is currently booming in Nigeria and people are making millions in it. I want us to take a closer look at the business and see how anyone may invest in this sector of the economy irrespective of how much you have. One thing extremely good about real estate business is that the investment opportunities are so diverse that there seem to be something for everyone. Anyone who wish to invest can invest whether he has thousands or billions of naira, you can even invest without a dime in your pocket. So, let's see how it works.  I am going to highlight some of the best investment opportunities in the industry. But before that, let's look at the profit. I bought a plot of land in Ikorodu area of Lagos State in 2011 where I've wanted ...
Read more

Sujimoto Plans Lorenzo, Tallest Residential Building in Ikoyi

By -
Image
A DISPLAY of architectural masterpiece is in the pipeline as a construction firm, Sujimoto last week launched the tallest residential building in the highbrow Lagos settlement, Ikoyi. It is named Lorenzo, which upon completion would be magnificent development and symbol of structural mastery in Ikoyi’s prestigious neighbourhood of Bourdillon. Lorenzo, according to the developer, presents homeowners the elegance of worldclass residential poise on our own shores with unrivalled features, facilities and excellent services. The project is a 25-floor residential masterpiece built on 3,800 square metres of amazing landscape.
Read more

Agriculture: The New Smartest Way To Invest In Real Estate

By -
Image
Agricultural Real Estate Discovery through history that no nation can experience economic and industrial growth without first paying attention to develop its agricultural sector. I am of the strong opinion that agricultural growth is the foundation for economic and industrial development. USA, China, Brazil, Canada, Germany are all top countries with developed agricultural sector. Our country, Nigeria is already working hard to develop and transform the agricultural sector through various policies and programmes aim at improving it. The most important factor of agricultural production in the industry which is Land must be in the right hands that can develop it and make it for the economic development of the country.
Read more