A Blockchain is a distributed database that maintains a continuously growing list of records, called blocks, secured from tampering and revision. Each block contains a timestamp and a link to a previous block. By design, blockchains are inherently resistant to modification of the data once recorded; the data in a block cannot be altered retroactively.
Dubai Land Department employing the blockchain in three initiatives (Ownership verification in DLD Mobile Application, Property sale by Developer and Smart Leasing Process) targeting the improvement of providing the services, improve the collaboration with other parties involved the real estate market and to create a secured digital assets.
- The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset.
- Write end-to-end property transactions on to Real Estate Blockchain to provide scalable, secured, transparent, shared, immutable property data to all the participants of the trusted network.
- Eliminate paper documentation, replace with digital records, and digitally signed documents.
- Eliminate the manual processes by integrating required stakeholders that are participating in the process (Customer, developer, DEWA, Payment Channel, DM, DLD, DNRD etc.) through Blockchain network.
- Provide hybrid platform for real estate market to be shared across different government or private entities to get benefit of real-time data and avoid manual processes to complete the transactions by participants.
- Sharing the information between entities to serve the Open Data initiative.
- Improve, secure and simplify the overall property transaction processes.
- Increase Operational Efficiency.