In the framework of the translation of government documents on the technology of distributed registry by 2020, Dubai Land Department introduces blockchain tech to oversee land transactions and real estate, writes CoinDesk.
“Our goal is to combine all properties and departments on a single platform. We hope to complete our project in 2019-2020,” – said in a statement the Director General of Land Department, Sultan Butti bin Mejren.
The introduction of the blockchain should win the confidence of global investors and creating convenience for the tenants, whose contracts will be recorded by the system.
Reportedly, the platform connects tenants with the landlord and other owners of real estate, such as electric, water and telecommunications.
Participants of the contractual relationship with the earth and real estate will be able to get the opportunity to “make payments electronically without having to write checks or to print a paper … within a few minutes anytime and from anywhere in the world”.
Among the partners of the land Department of Dubai, one of the largest developers in the Sultanate – Asset Management Group, one of the largest banks in the region – Emirates NBD, the furniture chain IKEA and the Emirates center ID.
In the world today there is a massive shift of state structures to use the technology of the distributed registry. One of the most developing areas are Finance. So, Singapore has implemented the blockchain in the banking system, which allows you to record, access, and distribute information among member banks.
In turn, the Bank of England now takes the privacy of customers on the blockchain through its FINTECH program.
See also: British Petroleum puts trade oil and gas on the blockchain