The Dubai Land Department (DLD) and Etisalat, an Emerati telecoms firm, have signed a memorandum of understanding (MoU) on real estate blockchain technology.

As reported by Cointelegraph, the DLD operates in real estate-related services under the Executive Council of Dubai, while Etisalat is a multinational firm serving 15 countries in the Middle East, Asia and Africa.

Introducing Paperless Management with Digital Contracts

The two parties are working to implement smart government standards and introduce paperless management together with digital contracts for property transactions.

DLD Director General Sultan Butti Bin Mejren said the agreement is part of efforts to make Dubai “the smartest city in the world,” with the goal of improving registration and verification processes while speeding up transactions and safeguarding all involved parties.

Transforming Dubai into a Smart City with Blockchain

In April, major British banks Barclays and Royal Bank of Scotland joined a blockchain trial designed to make real estate purchases smoother and more efficient.  

That same month, a blockchain platform developed by one two telecoms operators of the United Arab Emirates (UAE) was officially endorsed by the government.

Du, previously known officially as Emirates Integrated Telecommunications Company, built its Blockchain-Platform-as-a-Service (BPaas) to offer cloud-based private blockchain hosting that would be compatible with both Hyperledger Fabric and Ethereum.  

The announcement was made on the same week that the UAE hosted a dedicated conference on the role of blockchain technology in the aviation industry. 

In May, the Enterprise Ethereum Alliance (EEA) released a report detailing multiple blockchain use cases that were relevant to the real estate industry. According to the report, the technology has the potential to make land registries trustless, increase transparency, and make property transfers easier.

Source: cointelegraph.com

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