Dubai’s land registrar is developing a system that would record all local real estate contracts on a blockchain. This is part of a wider project to secure all government documents on a blockchain by 2020.
Blockchain is becoming more popular among businesses thanks to its traceability, and with companies like Dragonchain helping small and medium sized businesses get into Blockchain technology, it is now accessible to more people than ever before. With Dubai taking up the flag for Blockchain, it is a matter of time before other governments across the world get on board with this technology.
Baroness Michelle Mone, who launched the first bitcoin priced international luxury property development in Dubai last month, alongside her partner Doug Barrowman comments: “Dubai is an exciting place to be if you are interested in blockchain technology and cryptocurrency. This announcement follows the launch of our luxury property development in Dubai, which is the first to be priced in bitcoin.”
“This announcement means that the Aston Plaza apartments will be the first property purchase that is 100% end-to-end on the blockchain. The transaction starts with a blockchain-based cryptocurrency payment, it finishes with a record of the property purchase on a blockchain-based land-registry ledger.”
“Land registry transactions are perfect for the blockchain and as the Dubai Land Department says ‘this technology will allow investors residing in and around the world to verify property data that is backed by timestamp signatures enhancing the accuracy of data, the credibility of investment transactions and the transparency and clarity of the market.”
“Doug and myself believe cryptocurrency and blockchain technology is the future.”
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