Telecoms Firm Tapped To Implement Blockchain In Dubai’s Real Estate Sector
Another victory for blockchain has been recorded, it seems, in the Middle East. It's Dubai once more as the Dubai Land Department (DLD) and the telecoms firm Etisalat have agreed upon the rules of a memorandum of understanding (MoU) stating the exploration of blockchain technology.
Coin Telegraph noted that the DLD is connected with the government under the Executive Council of Dubai, overseeing real estate-related services for the crown. Meanwhile, Etisalat is a multinational firm based in the UAE with a presence in 15 Middle-Eastern countries, the Asian region, and the African peninsula.
The companies involved have agreed on a mutual goal of implementing smart government standards and introducing a "paperless" way of producing contracts and managing documents, most of them for real estate transactions. Sultan Butti Bin Mejren, DLD's director general, also noted that this agreement is in line with Dubai's aspirations to become a "smart city."
The Etisalat agreement confirms the use of digital copies of contracts and documents for all transactions. According to Coin Geek, the understanding comes after two weeks, was the DLD had just concluded an agreement with the Mashreq Bank. The deal is for a new e-mortgage system that aims to make improvements to the home loan registration process.
The new system, in turn, will be using blockchain-based technology. It is not unknown that using blockchain will give efficiency and speed up the process of creating contracts and sending those to the other party. All of the paperwork will also be digitized and made available on the blockchain network assigned to the banking firm.
The move also aims to elevate the processes that the DLD is making standard. Last April, the United Arab Emirates endorsed a blockchain platform which was put forth by two telecom operators. The Enterprise Ethereum Alliance then issued a report in May, showing a number of uses which would make blockchain a perfect fit for real estate transactions. Included in these transactions is the efficiency at which land registries are handled if placed on a blockchain-governed platform.
Two major British banks--Barclays and the Royal Bank of Scotland--implemented a blockchain trial with the goal of streamlining real estate purchases as well as making documents and processes more transparent, including the transference of real estate titles and property documents. Perhaps, the future with blockchain is much closer than people expect.