DLD, the Dubai Land Department developed a new blockchain based system, to make the renting process easier: no checks or physical documentation needed.
The new system was announced at the GITEX technology week, and it was developed in a cooperation with Smart Dubai initiative. The system records all real estate contracts, lease contracts and also the local Electricity, water, and telecommunication providers contracts as well. DLD hopes all transaction by 2020 will be using this technology.
Director-General Sultan Butti bin Mejren said that this movement is the beginning of their commitment that they will make Dubai the smartest city in the world. DLD hopes all transaction by 2020 will be using this technology. Mejren also said that this movement will be followed by further usages of the blockchain technology.