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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.
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