His Excellency Sultan Butti bin Mejren, director general of DLD, said: “This makes DLD the first government entity in the world to implement all of its transactions through the blockchain network. As the system simplifies people's lives by using an integrated system, we are working directly with Smart Dubai to provide our customers with utmost satisfaction and avoid wasting their valuable time. This is a major step toward cementing Dubai's position as the world's smartest city, expanding our online partnerships with all government entities and real estate parties that our customers need to complete their transactions.”
In a public-private partnership, DLD has worked on the blockchain solutuon with a range of partners, including DEWA, real estate developer wasl Asset Management Group, Emirates NBD bank, and IKEA, with other partners expected to join as the reach of the system expands. A blockchain database of all Dubai properties is planned, allowing investors in the country and worldwide to verify property data which carries timestamp signatures, increasing market transparency, data accuracy and the credibility of transactions.
wasl Asset Management Group is using the system for tenant lease renewals and smart payments, with tenants using personal identity card verification, with the electronic process completed once the bank has received and verified payment. DLD registers the contract data, providing customers with a unique number which allows them to pay for electricity and water within the same system and without the need for further documentation.
In October 2016, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, announced the Dubai Blockchain Strategy which will see all government transactions conducted via this blockchain network by 2020. Bin Mejren added: “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.”
Baroness Michelle Mone, who launched the first bitcoin-priced international luxury property development in Dubai last month with her partner Doug Barrowman, commented: “Dubai is an exciting place to be if you are interested in blockchain technology and cryptocurrency. This announcement follows the launch of our luxury property development in Dubai, which is the first to be priced in bitcoin.”
“This announcement means that the Aston Plaza apartments will be the first property purchase that is 100% end-to-end on the blockchain. The transaction starts with a blockchain-based cryptocurrency payment, it finishes with a record of the property purchase on a blockchain-based land-registry ledger,” she added.