Dubai Land and Real Estate Department (DLD) has announced a Memorandum of Understanding (MoU) and a partnership with Etisalat to develop real estate technology based on blockchain.
According to the source , the real estate services company DLD will work with the telecommunications company, which is one of the largest telecommunications companies in the UAE and serves more than 15 countries in the Middle East, Asia and Africa to introduce and implementsmart government standards and the introduction of digital real estate management contracts.
Sultan Butti Bin Muqrin, Director General of the Dubai Real Estate Department (DLD ) said:
“The agreement with Etisalat is part of Dubai’s ambition to be the smartest city in the world”
The same source notes that the agreement aims to improve registration and verification processes, accelerate transactions while maintaining the safety of all contracting parties.
Etisalat has set up a Blockchain platform officially approved by the government last April.
The intervention of blockchain technology effectively in the real estate field and by facilitating real estate registration processes and increase transparency and facilitate the transfer of ownership of real estate.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view