Dubai gears up to put land registry on BlockchainDienstag, 10. Oktober 2017, 13:51 Uhr
Dubai is on the fast track to becoming the world’s first Blockchain-powered city. Dubai’s government media office announced recently that the Land Department has recently begun its own Blockchain program for real estate and lease registration, as a part of the UAE’s “Dubai Blockchain Strategy.”
The Dubai Blockchain Strategy seeks to explore technology that offers “more seamless, safe, efficient, and impactful city experiences,” and recognises that Blockchain holds enormous potential to fulfill this goal /2/. Blockchain is considered manipulation-safe due to an elaborate encryption procedure, but is set apart from other technologies in its distributed nature. Data is entered into a Blockchain and grouped in to Blockchain, which are then copied and distributed across many nodes. Because of this, the failure of one node does not hinder the entire system, making data storage dependable.Blockchain built for projects with sensitive data
When it comes to city records, especially those containing information pertaining to citizens’ identities, security is of high concern. Governments rely very much on the trust of citizens as well, and being able to provide transparent records of transactions can very much boost citizens’ confidence in a government. With Blockchain, a chain of events becomes verifiable through the seamless record contained in the Blockchain combined with the reliability of this record created by the Blockchain.
In Dubai, this will be applied practically as a registry for real estate and leases. Real estate contracts and lease registrations will be recorded in the Blockchain and be available to customers and partners in the public and private sectors /1/. A tenant database will also be included, enabling tenants to make payments at any time without having to first go through a government body /3/.
The city government is seeking to make Dubai “the smartest city in the world,” and expects that in 2-3 years all Dubai properties will be recorded on a Blockchain.
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