Samir Salya looks at Dubai Land Management’s Blockchain initiative

To help promote more public-private partnerships, Dubai Land Management (DLD) has teamed up with various partners to create a Blockchain database for all properties in Dubai.

The idea is that the Blockchain will then be available to all customers of the DLD. The partners include wasl Asset Management Group (one of the biggest real estate developers in Dubai), Emirates NBD (banking partner) and Ikea.

How will it work?

All partners (existing and any that join in the future) will be included in the database so that detailed information is available to customers.

The Blockchain database will also be available to private sector partners. It will allow investors, both those based in Dubai and those overseas, to verify property data that will be backed by timestamp signatures. This makes the data more accurate, totally credible and offers market transparency.

Early days for project

The Blockchain initiative is in the very early stages and it’s likely that many more partners will join in order to improve their services. These will include mortgage providers, utility and maintenance operators and banks.

For example, wasl Asset Management Group decided to join in order to benefit from the easy ability to renew tenancy contracts via Blockchain. The system will work smoothly with minimum red tape and much less documentation.

The tenant will be able to access the system with a personal ID number and will be able to make smart payments through Emirates NBD and access various other processes for their convenience.

Reaching more customers

The General Directorate of Residency and Foreigners Affairs is responsible for the verification of the residency data in Dubai. They also hold all of the necessary documents.

The first phase of the initiative is solely with wasl Asset Management Group, but DLD will invite other property management and development companies to include their portfolio in the Blockchain, therefore reaching a wider number of customers.

Second phase

During the second phase of the project, the Department of Economic Development (DED) will join the database. At the moment services are only available to tenants and landlords but this will wide to include investors and developers. There is also the potential to offer properties for sale using the database.

Blockchain technology will mean all of the services will be available in one permanent database that can’t be tampered with. The aim with this project is to unite real estate and department services on one platform. It’s hoped the project will be finished by 2019-2020.

About Samir Salya

Samir Salya is the Chairman of Reign Holdings, and is involved in UK and UAE real estate and construction. Samir holds over 20 years’ experience in executive management, business expansion, performance improvement, sales and marketing