The Dubai Land Department (DLD) and telecoms firm Etisalat have signed a memorandum of understanding concerning real estate blockchain technology, United Arab Emirates-based outlet Gulf Today reported on June 10.
The DLD works under the Executive Council of Dubai in real estate-related services, while Etisalat is a multinational, Emirati firm that serves 15 countries in the Middle East, Asia and Africa.
Both parties have said they aim to implement smart government standards and introduce paperless management and digital contracts for property transactions.
Sultan Butti Bin Mejren, DLD’s director general, said the agreement is part of an ambition to make Dubai “the smartest city in the world.”
Gulf Today notes that the MoU has the goal of improving registration and verification processes, speeding up transactions while keeping all parties involved safe.
As reported by Cointelegraph, a blockchain platform built by one of the United Arab Emirates’ two telecoms operators was officially endorsed by the government back in April.
Last month, the Enterprise Ethereum Alliance (EEA) released a report detailing several blockchain use cases relevant to the real estate industry. The reported stated that the technology has the potential to make land registries trustless, increase transparency and make it easier to transfer properties.
In April, two major British banks, Barclays and the Royal Bank of Scotland, joined a blockchain trial designed to streamline real estate purchases.