Blockchain technology has made its mark on almost every major industry there is; from shipping and logistics to insurance and finance to the pharmaceuticals. And now, the real estate industry in Dubai has revealed that it hasn’t been left behind and is using the technology to increase efficiency in the industry, cut costs and make the entire process more transparent. As revealed by local media, some of the largest property developers in the city have thrown their weight around blockchain technology, with the city’s land department also integrating the technology in most of its processes.
Dubai’s Blockchain Push
Dubai is known for many things including its luxurious lifestyle, its ultramodern architecture, mega shopping malls and its buzzing nightlife. While technology hasn’t been its forte, its latest push to become a blockchain hub could change all this.
The biggest real estate and property developers in the city have pledged their support for the Dubai Blockchain Strategy, a push by the government to make Dubai the global blockchain hub. As reported by UAE’s daily English newspaper The Khaleej Times, these developers include Azizi Developments and IMKAN Properties.
The blockchain push has further been strengthened by the Dubai Land Department which has taken various measures meant to implement blockchain technology “to interface with all digital and manual process for the real estate industry, a move welcomed by developers.” The blockchain network introduces a shared network for the developers, the government and all the other stakeholders, doing way with paper documents and replacing them with digitally signed contracts which not only cut costs but are also easier to store and locate.
Seda Tutu, an executive at Azizi Developments, expressed his excitement about blockchain technology during the ongoing real estate showcasing event, the Cityscape Global.
“Given the country’s commitment to smart city initiatives, the incorporation of Blockchain is only a matter of time. The use of Blockchain technology will facilitate exchanges between investors, buyers, and developers, reducing required time, cost, and efforts
Azizi Developments is one of Dubai’s biggest real estate developers, with its developments in the city being worth Dh45 billion (US$12.25 billion). Tutu revealed that the developer is also integrating blockchain technology into its operations as its seeks to give itself an edge over competition.
Yet another of the city’s biggest developers, IMKAN Properties is also turning to the blockchain, its research director, Tarek Coury revealed during the same event.
“The real estate industry is experiencing rapid disruption by technologies such as Blockchain, drones and augmented reality, which are game-changers in that they cut costs, expand the potential audience and provide for novel experiences. Blockchain promises to revolutionize key aspects of the real estate value chain, and our research team is examining the technology’s potential in the context of facilitating transactions for our audience around the globe
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