Blockchain simplifies Dubai real estate
Real estate assets once available in a legacy application are now in the block chain environment, said Khalifa Al Suwaidi, CEO and board member, Emirates Real Estate Solutions. He was speaking on the impact of block chain technology on Dubai’s real estate sector at the City scape Global Conference on Monday.
“We launched the Dubai Block chain Strategy in 2017 that aims to convert all title deeds in the Dubai Land Department registry into a block chain environment. It’s a platform meant to integrate all real estate services,” Al Suwaidi said.
Earlier, property transactions took at least a week or 20 days to be concluded. Today, one can do so in 30 minutes. Block chain provides services by different real estate stakeholders on a single platform, thereby improving the journey for end-users.
“People need to be made aware of the changes in rules and regulations. Contracts approved digitally must also be upheld in a court of law. Having a legacy system along with blockchain will help protect data and owner rights. People will adapt to block chain once it starts resolving their problems,” the senior executive said.
Talking of how block chain brings ease and convenience to end-users, Dobo Radichkov, senior director of data and block chain at Dubizzle, said: “The aim is to convert paper-heavy processes in transacting real estate online. With block chain, you can buy/sell real estate very quickly.”
However, with security standards still evolving, one needs to balance the power of bloc kchain technology with its maturity. “A lot of authorities mirror the digital side of things with paper documents: this is a hybrid approach. However, there is a potential risk to business. Both the government and private sector need to work together for block chain to succeed,” Radichkov added.