Dubai: Real estate already on blockchain

Several commercial block projects have already been launched in the commercial and industrial capital of the Middle East. It's time to combine these initiatives on a governmental level. In 2016 the Crown Prince of Dubai, Hamdan ibn Mohammed, announced the launch of the Dubai Blockchain Strategy program which will allow the registering and processing of all financial transactions and documents using blockchain by 2020.

The Department of Land Resources of Dubai, which has always been focused on innovative development, was the first government agency to implement blockchain in the real estate sector. The technical department of the department has developed a platform with which you can make transactions with real estate and automate payments, including utility bills. The migration service, the electricity and water resources management department, and one of the largest developers of Dubai Asset Management Group and the largest in the UAE, Emirates NBD bank, took part in the development of the platform. Interaction with other departments not only helped to introduce a convenient tool for electronic payments but also ensured the creation of a transparent and safe system of real estate management.

The platform unites tenants, landlords, and suppliers of various types of communications: from the water supply to the television. The department expects new partners from the banking, mortgage, municipal, and other spheres to join. All transactions are registered in an intellectual database and reliable information can be obtained by investors.

Well, today you can buy or rent a property in Dubai conveniently and quickly from anywhere in the world. Further implementation of blockchain will cover all aspects of city life. In cooperation with IBM work is already under way on the safety of air travel as well as in the field of finance and immigration control. Soon the Emirates are planning to create a common payment system in blockchain and launch its state crypto currency emCash.

The authorities of Dubai intend to see real results of the introduction of new technologies in several years.