Dubai Land Department's (DLD)'s move to implement a blockchain network to interface with all digital and manual process for the real estate industry has won strong backing from a number of leading players in the UAE property sector.
By introducing a shared network for all stakeholders, eliminating paper documents and introducing digitally signed contracts, the DLD aims to improve, secure and simplify property transactions.
Master developers including Dubai-based Azizi Developments and Abu Dhabi-based Imkan Properties are among the key players putting a spotlight on the Dubai Blockchain Strategy as a revolutionary initiative in the countdown to the Cityscape Global real estate showcase, proving that the technology is poised to have a significant impact on the real estate sector.
A leading real estate and investment exhibition, Cityscape Global will run from October 2 to 4 at Dubai World Trade Centre.
“Blockchain is without a doubt one of the most significant technologies to impact the real estate industry,” remarked Tom Rhodes, the exhibition director at Cityscape Global.
"The technology will drive an era of ‘smart contracts’ due to its ability to create, authenticate and audit contracts in real-time, across the world," he noted.
“We’re seeing a rise in local developers who are thinking innovatively and strategically about this new technology and this will only be amplified due to the acceptance of innovation by the Dubai government and a relatively youthful market,” he added.
Currently managing projects worth more than Dh 45 billion across Dubai, Azizi Developments is currently studying ways to introduce Blockchain technology into its business.
“Dubai Government has elaborate plans to use Blockchain across the board, from parking tickets to land/ title deeds,” remarked Seda Tutu, the deputy CEO for Sales & Marketing at Azizi Developments.
The Dubai-based company will be one of many exploring the impact of technology at the upcoming expo.
"Given the country's commitment to smart city initiatives, the incorporation of Blockchain is only a matter of time. The use of Blockchain technology will facilitate exchanges between investors, buyers, and developers, reducing required time, cost, and efforts," stated Tutu.
Another developer currently investigating means to capitalise on Blockchain technology, Imkan Properties, will give a Cityscape Global launch to a new destination, along Sahel Al Emarat, a pristine coastline between the capital and Dubai.
“The real estate industry is experiencing rapid disruption by technologies such as Blockchain, drones and augmented reality, which are game-changers in that they cut costs, expand the potential audience and provide for novel experiences,” remarked Tarek Coury, Imkan’s research director.
“Blockchain promises to revolutionise key aspects of the real estate value chain, and our research team is examining the technology’s potential in the context of facilitating transactions for our audience around the globe,” he added.
Highlighting the finer details of Blockchain technology in the real estate industry, the Cityscape Global Conference will host the panel discussion: ‘How will the disruptive technology of Blockchain transform the industry?’ aimed at analysing the impact, risks and challenges Blockchain will bring.
Taking place at the InterContinental Festival City on October 1, the discussion will bring together experts from IBM, Altus Group, dubizzle and Emirates Real Estate Solutions, sharing their insights on the disruptive technology and its effect over the next 10 years.
Source: TradeArabia News Service.