Blockchain to ease property transactions
dubai — Dubai is deploying blockchain technology that will ensure the rights of developers and investors are preserved as well as make transactions fully secure from forgery and fraud.
Speaking at the Cityscape Conference in Dubai on Sunday, Wesam Al Abbas Lootah, CEO of Smart Dubai, said blockchain technology is being deployed across local government departments, ranging from healthcare to education to real estate, as part of the Dubai government’s initiative to make the emirate paper-free by 2020.
He noted how blockchain brings all relevant players on board such as banks, the Dubai Land Department, brokers and developers, with all sharing the same information and making the property purchase quicker and safer.
Rahail Aslam, Group CEO of Select Group, said Dubai is a pioneer in adopting new technologies and blockchain is a a positive step. The move is expected to increase trust in the local market among local and foreign investors and attract more investments into the sector.
Lootah said blockchain will streamline all processes and eliminate bureaucratic hurdles, making property purchase as easy as buying a book on Amazon. In addition, it will make transactions very secure, free from forgery and fraud.
“All the information is shared, authenticated and verified at the highest level. There will be complete transparency at the developer and investor levels and all the information will also be accessible to financial institutions on the blockchain platform,” he said.
The CEO of Smart Dubai said the real estate investment process still requires a lot of documentation. Adopting blockchain technology will change this process.
“Can you imagine sitting at home wearing a virtual reality headset and viewing different properties. A piece of software searches for a property that matches your requirement, budget, the neighbourhood, even the marble or colour of your bed. At the click of a button, you will also have financial institutions that put forth lending options. You can finalise your decision and the transaction is done in 15 minutes,” Lootah added.