Dubai: The First Government To Put Its Transactions On A Blockchain

Dubai: The First Government To Put Its Transactions On A Blockchain

Dubai Land Department (DLD) has become the world`s first government to adopt Blockchain technology as part of its “Dubai Blockchain Strategy”.The

All You Need To Know About YBCoin
Hong Kong Trading House Releases Ethereum OTC Trading
Spanish Bank BBVA Joins Hyperledger Project

Dubai Land Department (DLD) has become the world`s first government to adopt Blockchain technology as part of its “Dubai Blockchain Strategy”.

The project has been led by the Crown Price of Dubai and Chairman of the Board of Trustees of Dubai Foundation for the Future, His Highness Sheikh Hamadan bin Mohammed bin Rashid Al Maktoum.

DLD will launch the initiative at GITEX Technology Week 2017, running from 8 to 12 October at the Dubai World Trade Center (DWTC).

“Our adoption of this system is aligned with our commitment to responding to the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to make Dubai the smartest city in the world.”, commented  His Excellency Sultan Butti bin Mejren, Director General of DLD.

“Following the launch of the Dubai Blockchain Strategy by HH Sheikh Hamdan bin Mohammed in October 2016, which aims to make Dubai the first government in the world to apply all transactions through this network by 2020, DLD created a smart and secure database that records all real estate contracts. This makes DLD the first government entity in the world to implement all of its transactions through the Blockchain network. “, as he elaborated.

“This initiative is still in a stage of infancy. In the near future, we will see many partners joining Blockchain to improve their client services, including banking, mortgages, and utilities and maintenance operations.”, according to bin Mejren.

DLD has created the blockchain system by using a smart and secure database that records real estate contracts like lease registrations. Then, the information is being linked with the Dubai Electricity & Water Authority (DEWA), the telecommunication system, and various property related bills, as stated in the government`s press release.

Full information about the DLD work can be found on the following link.

COMMENTS