Dubai Land Department becomes first government agency to conduct all transactions via Blockchain

Dubai Land Department (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.