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Dubai’s government is the first one in the world to conduct all transactions through blockchain.
The Dubai Land Department has gone completely “cashless” as part of the initiative “Dubai Blockchain Strategy” launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Board of Trustees of Dubai Foundation for the Future, as reported by Emirates News Agency.
What the new project will do, that is based entirely on blockchain, will allow the Dubai Land Department to record all real estate transactions, the TMT sector and some property-related records. People will be able to pay for rent electronically, without the need of cash. According to the Emirates News Agency, this new addition in DLD’s strategy for the near future, will eliminate the intermediary, namely the government, for paying rent. The payments could be done from anywhere around the world and the process will be totally electronic.
Sultan Butti bin Mejren, Director-General of DLD, said, reported by ENA:
“Our adoption of this system is aligned with our commitment to responding to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to make Dubai the smartest city in the world.
Following the launch of the Dubai Blockchain Strategy by H.H. Sheikh Hamdan bin Mohammed 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.”
The fact that the real-estate market is being disrupted in such a way in Dubai will only make the city “attractive” for investors and internationals, since the whole system will be automated and digitalized. All Dubai properties will be available for DLD’s customers to check up-to-date data, credible and accurate transactions and all of that thanks to the technology of blockchain.