TOINNOV - Breaking Blockchain, Crypto & ICO News

learn more
more than 10 000 people every month reads TOINNOV learn more

A small victory for financial regulators: what will happen to the crypto industry next?

The international program on combating cryptocurrency fraud started only a few days ago but has alre...

The Department of Land Resources of Dubai is going to use Blockchain in work with real estate

The land agent of Dubai has shown that it is developing a system that would seek to register all local real estate contracts on a blockchain.

10.Oct.17 8:48 AM
By Daria Zaytseva


The Department of Land Resources of Dubai is going to use Blockchain in work with real estate

This week, the project, which is part of a comprehensive plan to secure all government documents on a blockchain by 2020, was announced by Dubai Land Department, the government agency charged with overseeing land purchases and approving real estate transactions.

In the statements, the agency created a blockchain technology as a way to gain the confidence of global investors in real estate, and as a convenience to tenants, whose leases would be registered by the system.

According to the department, on the leasing side the platform connects tenants not only with landlords, but also with other owners connected with real estate, such as electrical, water and telecommunication utilities.

The latter will allow tenants to make payments electronically without having to write cheques or print any paper for several minutes at any time and from anywhere in the world.

Partnership with the Dubai Land Department on the initiative are the Asset Management Group, one of the largest real estate developers in Dubai; Emirates NBD, one of the largest banks in the region; IKEA furniture network; and the Emirates Identity Authority.

Dubai has also explored an airport security technology, trade financing and immigration controls, working with IBM and deploying a red carpet for startups in a notable aspiration to become a blockchain innovation hub.

Back to the list

Related Information: