DLD has created a Blockchain system using a smart and secure database that records all real estate contracts, and links them with the Dubai Electricity & Water Authority (DEWA), the telecommunications system, and various property related bills.
The blockchain-powered real estate platform allows tenants to make payments electronically without the need to write cheques or print any papers. The entire process can be completed electronically within a few minutes at any time and from anywhere in the world, removing the need to visit any government department.
To promote public-private partnerships, DLD has collaborated with a number of key partners in this initiative, including DEWA, Wasl Asset Management Group, Emirates NBD and IKEA. All existing and future partners will be included in the system’s database to provide access to detailed information and ensure customer convenience.
Based on this initiative, DLD will be able to create a Blockchain database for all Dubai properties, which will be available to DLD’s customers as well as all of its government and private sector partners. The technology will allow investors residing in Dubai and around the world to verify property data that is backed by timestamp signatures, enhancing the accuracy of data, the credibility of investment transactions, and the transparency and clarity of the market.
“This initiative is still in a stage of infancy. In the near future, we will see many partners joining Blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations,” said His Excellency Sultan Butti bin Mejren, Director General of DLD.
Wasl Asset Management Group has opted to join this initiative to benefit from the ability to renew tenant lease contracts via Blockchain. The tenant can access the system through a personal identification card to complete several processes such as contract renewals and smart payments through Emirates NBD. The electronic process is carried out once the cheques are received and verified by the bank. DLD registers the contract data and provides customers with a specific number for ‘Ejari’ and DEWA so they can renew their electricity and water metres within one integrated system and without the need for any documents.
“Blockchain, as the name suggests, is very similar to a long chain in which each partner serves as a loop, with the whole chain providing all services in one location. We have ensured that all procedures will be fully integrated so that customers do not have to move between different service centres to complete procedures. Our aim is to unite all real estate and department services on a single platform. We hope to complete our project in the year 2019-2020 and we are keen to attract parties from the private sector, particularly those that are already partners or currently work with Dubai governmental institutions,” said Bin Mejren
Dubai Land Department (DLD) has become the world’s first government agency to adopt Blockchain technology for all its transactions.