The Dubai Land Department (DLD) has become the world’s first government agency to adopt blockchain technology for all of its transactions, with the development part of the emirate’s plans to strengthen its position as an international leader in financial technology (fintech) and information.
Launched in early October at Dubai’s GITEX Technology Week, the initiative will see blockchain systems used to create a secure database to store all real estate contracts and lease registrations in the emirate.
A tenant database will also be created, allowing occupants to pay for property-related bills electronically without cheques or papers, while also removing the need to physically visit government agencies when paying for goods and services.
The DLD has developed the initiative in cooperation with a number of government entities and private companies, including the Dubai Electricity and Water Authority, wasl Asset Management Group, Emirates NBD, IKEA and other property-related entities.
As a result, customers of all stakeholders involved will have access to the database, providing investors with up-to-date market data, further improving the accuracy of information, the credibility of investment transactions and the transparency of activity on the market.