The Dubai Land Department (DLD) and Emirati telecoms service provider Etisalat have signed a Memorandum of Understanding (MoU) on real estate blockchain technology.
Under the partnership, both parties aim to implement smart government standards, introduce paperless management and digital contracts, and launch blockchain strategy using DLD’s Ejari application that will be connected with Etisalat.
The MoU wants to enhance the registration and verification processes, improve the speed of transactions, and keep all involved parties safe, as part of an ambition to make Dubai “the smartest city in the world,” Sultan Butti Bin Mejren, DLD’s director general, said.
“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,” Sultan Butti Bin Mejren, DLD’s Director General, said.
The collaboration, which is in line with DLD’s goal “Driving the Digital Future to Empower Societies,” will see DLD provide Etisalat with a non-exclusive right to incorporate its services when registering Ejari contracts, including Internet services, landline, and mobile phone lines. It will also conduct technical training, consultation, and support for the application.
On the other hand, Etisalat, a multinational service company with services available to 15 countries, will provide service offers to interested customers who want to apply through the Ejari system. It will also train its staff and provide feedback to improve and develop the Ejari system.
As previously reported, DLD has also recently signed a license agreement with UAE-based Mashreq bank to launch a blockchain-based mortgage platform to modernize its system as Emirates bid to digitalize its services and lure more real estate investments.
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