Dubai Land Department (DLD) and Emirates Telecommunications Group Company (Etisalat) have joined forces to introduce a real estate blockchain platform, called “Ejari” application, that ensures paperless management and digital contracts for property transactions, using a smart and secure database, Invest-Gate reports.
The memorandum of understanding (MoU), signed between both sides on June 10, will help the property developer serve landlords and tenants in the early stages, and later, developers and investors. Under the deal, DLD will determine the quality of services related to the application and real estate blockchain technology, while guaranteeing all the fundamental capabilities, according to a recent official statement.
Furthermore, “DLD will provide the necessary technical training and consultancy related to Ejari application to Etisalat as well as the necessary support that enables them to achieve electronic connectivity between the parties’ systems related to this application. Similarly, Etisalat will enjoy a non-exclusive right to integrate its services when registering Ejari contracts, including internet services, landline, and mobile phone lines,” the statement noted.
Lauding the major achievement, Sultan Butti bin Mejren, director general of DLD, remarked, “We registered an important global technical milestone after adopting the blockchain system as part of our keenness to be aligned with the Dubai Blockchain Strategy. In order for us to develop a smart and secure database that brings together all real estate contracts, including registering Ejari contracts and linking them with all entities and institutions.”
“We are keen to sign agreements with elite partners, who have sufficient expertise to reach an orderly system capable of achieving our corporate goals, supporting the vision of our wise leadership to make Dubai the smartest city in the world,” Mejren was quoted as saying.
In turn, Khalida Alzeraim Al Suwaidi, CEO of Emirates Real Estate Solutions, the technical arm of DLD, stressed, “We recognize the future of blockchain technology as one of the most important technological solutions associated with the Fourth Industrial Revolution, which will benefit us in developing registration and verification processes and implementing transactions of all kinds.”